In the Johnson City, TN market in May, new home closings slid year-over-year, falling after a rise in April 2016. New home closings moved from 11 a year earlier to 8 after the figure moved from 6 in April 2015 to 11 in April 2016.
A total of 111 new homes were sold during the 12 months that ended in May, down from 114 for the year that ended in April.
New home closings represented 8 out of the 367 total closings, which is a smaller percentage than the 11 of 291 total closings a year earlier. For new and existing homes, closings climbed year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $254,029 last year to $274,802. This was on the heels of a 21.1% boost in April year-over-year.
Average mortgage size on new homes moved from $230,371 to $229,966. Average mortgage size on new homes went from $195,888 in April 2015 to $228,680 in April 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,983 square feet a year earlier to 2,299 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 12.0% of existing home closings, below 16.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.5% in May from 6.4% a year earlier while REO closings as a percentage of existing home closings declined to 7.5% from 10.0% a year earlier.