In the Kingsport, TN market in April, new home closings jumped year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 4 a year earlier to 5 after the figure moved from 9 in March 2015 to 6 in March 2016.
A total of 66 new homes were sold during the 12 months that ended in April, up from 65 for the year that ended in March.
Out of the 332 total closings, 5 were new home closings. This is consistent on a percentage basis with a year earlier. Following a drop in March year-over-year, closings of new and existing homes increased year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $146,500 last year to $278,497. This came after a 5.0% bump in March year-over-year.
Average mortgage size on new homes rose from $140,563 to $245,376. Average mortgage size on new homes went from $125,816 in March 2015 to $130,120 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 23.2% of existing closings, lower than 27.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.5% in April from 14.9% a year earlier while REO closings as a percentage of existing home closings grew to 13.8% from 12.7%.