In November, there was a drop year-over-year in new home closings in the Morristown, TN market, dropping after staying level in October. Closings stood at 1 in November after being 2 a year earlier and remaining unchanged at 2 in October from a year earlier.
1 of the 157 total closings were new home closings, a shift on a percentage basis from 2 out of 127 a year earlier. Closings of new and existing homes climbed year-over-year in November following a decline in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $116,650 last year to $152,500. This was on the heels of a more than twofold boost in October year-over-year.
From the year-ago figure of $88,200, the average mortgage size on new homes moved up to $152,500.
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 2,016 square feet a year earlier to 1,680 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 25.6% of existing closings, lower than 32.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 14.7% in November from 20.0% a year earlier while REO closings as a percentage of existing home closings sank to 10.9% from 12.8% a year earlier.