New home closings in the Kingsport, TN market were unchanged year-over-year in August, showing little movement after little change in July from the year earlier. Closings stayed at 7, unchanged from a year earlier after being consistent at 6 in July from the year earlier.
A total of 78 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
New home closings were 7 out of the 385 total closings, a move on a percentage basis from 7 of 305 a year earlier. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $195,839, down from last year's $263,043. This was on the heels of a 38.1% bump in July year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $198,346 to $192,315. Average mortgage size on new homes went from $192,172 in July 2014 to $202,026 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 2,421 square feet a year earlier to 1,388 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 17.7% of existing home closings, down from 24.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.9% in August from 14.4% a year earlier and REO closings moved from 10.4% of existing home closings in August 2014 to 9.8% in August 2015.