In July, there was an increase in closings of new homes in the Johnson City, TN market year-over-year, but the increase was less than June 2015. New home closings moved from 7 a year earlier to 11 after the figure moved from 6 in June 2014 to 10 in June 2015.
A total of 76 new homes were sold during the 12 months that ended in July, up from 72 for the year that ended in June.
11 of the 366 total closings were new home closings, a shift on a percentage basis from 7 out of 332 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $222,914, up from $205,700 a year earlier. This was on the heels of a 48.0% bump in June year-over-year.
Average mortgage size on new homes went from $171,417 a year earlier to $218,276. Average mortgage size on new homes went from $159,335 in June 2014 to $225,175 in June 2015.
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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.7% of existing closings, lower than 21.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.3% in July from 12.3% a year earlier and REO closings moved from 8.9% of existing home closings in July 2014 to 8.5% in July 2015.