Closings of new homes in the Johnson City, TN market remained steady year-over-year in February, staying level after a year-over-year increase in January from a year earlier. Closings remained level at 9 from a year earlier after the figure moved from 5 in January 2015 to 6 in January 2016.
A total of 111 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home closings were 9 out of the 224 total closings, a move on a percentage basis from 9 of 195 a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $237,211, an increase from $182,665 a year earlier. This was on the heels of a 7.7% drop in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $219,241 to $209,827. Average mortgage size on new homes went from $195,178 in January 2015 to $140,463 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,594 square feet a year earlier to 2,130 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 16.3% of closings, below 29.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.4% in February from 10.2% a year earlier while REO closings as a percentage of existing home closings dropped to 8.8% from 18.8% a year earlier.