Closings of new homes in the Kingsport, TN market declined year-over-year in May, falling after a rise in April 2016. New home closings moved from 6 a year earlier to 4 after the figure moved from 4 in April 2015 to 5 in April 2016.
A total of 64 new homes were sold during the 12 months that ended in May, down from 66 for the year that ended in April.
4 of the 399 total closings were new home closings, a shift on a percentage basis from 6 out of 364 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also grew year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $306,588, an increase from $278,750 a year earlier. This was on the heels of a 90.1% hike in April year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $253,573 to $128,967. Average mortgage size on new homes went from $140,563 in April 2015 to $245,376 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 19.7% of existing closings, lower than 22.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.9% in May from 11.5% a year earlier and REO closings moved from 11.5% of existing home closings in May 2015 to 10.9% in May 2016.