Closings of new homes in the Kingsport, TN market remained steady year-over-year in August, showing little movement after little change in July from the year earlier. Closings remained steady at 7 from a year earlier after being level 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.
7 of the 385 total closings were new home closings, a shift on a percentage basis from 7 out of 305 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also jumped year-over-year in August.
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 followed a 38.1% lift in July year-over-year.
There was a decline in average mortgage size on new homes, going from $198,346 last year to $192,315 in August 2015. 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 look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 17.7% of closings, below 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.