The Morristown, TN market saw a rise in new home closings in September year-over-year, rebounding from a year-over-year decline in August 2015. New home closings moved from 3 a year earlier to 5 after the figure moved from 3 in August 2014 to 2 in August 2015.
5 of the 185 total closings were new home closings, a shift on a percentage basis from 3 out of 168 a year earlier. For new and existing homes, closings climbed year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $142,220, compared with $161,600 last year. This followed a 3.1% decline in August from a year earlier.
Average mortgage size on new homes increased to $178,323 from $158,979 last year. Average mortgage size on new homes went from $70,133 in August 2014 to $131,575 in August 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 September 2015.
The average unit size of newly sold homes fell from 1,533 square feet a year earlier to 1,495 square feet.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for a quarter of existing home closings, down from 30.3% a year earlier. The percentage of existing home closings involving foreclosures went from 15.8% in September 2014 to 15.6% in September 2015 and REO closings as a percentage of existing home closings slid to 9.4% from 14.5% a year earlier.