In the Morristown, TN market, new home closings dropped year-over-year in November, falling after remaining level in October from the year earlier. 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. Following a drop in October year-over-year, closings of new and existing homes rose year-over-year in November.
Pricing and Mortgage Trends
The average new home value went from $116,650 last year to $152,500. This followed a more than twofold rise in October year-over-year.
Average mortgage size on new homes went from $88,200 a year earlier 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 decreased 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 declined to 14.7% in November from 20.0% a year earlier while REO closings as a percentage of existing home closings fell to 10.9% from 12.8% a year earlier.