Closings of new homes in the Kingsport, TN market saw no change year-over-year in July, remaining relatively stable after moving north year-over-year in June from the year earlier. Closings remained level at 6 from a year earlier after the figure moved from 4 in June 2014 to 11 in June 2015.
A total of 78 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings were 6 out of the 392 total closings, a move on a percentage basis from 6 of 341 a year earlier. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $288,150, up from $208,726 a year earlier. This came after a 38.8% decline in June from a year earlier.
Average mortgage size on new homes rose from $192,172 to $202,026. Average mortgage size on new homes went from $234,583 in June 2014 to $156,439 in June 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 July 2015.
The average unit size of newly sold homes rose from 1,586 square feet a year earlier to 2,186 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 19.9% of existing home closings, down from 22.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.6% in July from 10.7% a year earlier while REO closings as a percentage of existing home closings sank to 10.4% from 11.9% a year earlier.