New home closings in the Johnson City, TN market dropped year-over-year in November, dropping after a year-over-year increase in October 2015. New home closings moved from 6 a year earlier to 3 after the figure moved from 6 in October 2014 to 11 in October 2015.

A total of 115 new homes were sold during the 12 months that ended in November, down from 118 for the year that ended in October.

New home closings represented 3 out of the 257 total closings, which is a smaller percentage than the 6 of 240 total closings a year earlier. Closings of new and existing homes jumped year-over-year in November following a decline in October year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $312,833, an increase from $201,147 a year earlier. This followed a 14.8% drop in October from a year earlier.

Average mortgage size on new homes went from $203,813 a year earlier to $507,500. Average mortgage size on new homes went from $177,178 in October 2014 to $166,093 in October 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 November 2015.

The average unit size of newly sold homes fell from 1,810 square feet a year earlier to 1,296 square feet.

Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 23.6% of existing home closings, up from 20.5% a year earlier. The percentage of existing home closings involving foreclosures stayed at 9.0% of closings in November from a year earlier while REO closings as a percentage of existing home closings climbed to 14.6% from 11.5%.

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