In the Kingsport, TN market, closings of new homes sank year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 9 a year earlier to 6 after the figure moved from 9 in February 2015 to 3 in February 2016.
A total of 65 new homes were sold during the 12 months that ended in March, down from 68 for the year that ended in February.
New home closings were 6 out of the 346 total closings, a move on a percentage basis from 9 of 362 a year earlier. After rising year-over-year in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $160,207 last year to $168,217. This was on the heels of a 36.9% drop in February from a year earlier.
Average mortgage size on new homes rose from $125,816 to $130,120. Average mortgage size on new homes went from $181,561 in February 2015 to $76,452 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,452 square feet a year earlier to 1,378 square feet.
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 27.6% of existing home closings, down from 37.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.0% in March from 10.8% a year earlier while REO closings as a percentage of existing home closings sank to 12.6% from 26.3% a year earlier.