New home closings in the Morristown, TN market remained steady year-over-year in February, staying flat after advancing year-over-year in January from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from none in January 2015 to 4 in January 2016. New home closings moved from 2 a year earlier to 2 after the figure moved from none in January 2015 to 4 in January 2016.
A total of 37 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
2 of the 119 total closings were new home closings, a shift on a percentage basis from 2 out of 90 a year earlier. After dropping in January from a year earlier, closings of new and existing homes rose year-over-year in February.
The average value of newly sold homes in February 2016 was $24,750, down from last year's $182,100. This came after a set of periods with no new home closings in both January 2016 or January 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 February 2016.
Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 33.3% of existing home closings, up from 28.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.7% in February from 11.4% a year earlier while REO closings as a percentage of existing home closings slid to 13.7% from 17.0% a year earlier.