Closings of new homes in the Johnson City, TN market saw no change year-over-year in June, staying flat after dropping year-over-year in May from the year earlier. Closings remained level at 14 from a year earlier after the figure moved from 11 in May 2015 to 8 in May 2016.
A total of 117 new homes were sold during the 12 months that ended in June, equal to the number of new homes sold for the year that ended in May.
14 of the 379 total closings were new home closings, a shift on a percentage basis from 14 out of 351 a year earlier. Closings of new and existing homes increased year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $267,572 from $248,100 a year ago. This followed a 8.2% surge in May year-over-year.
Average mortgage size on new homes went from $197,866 a year earlier to $225,681. It went from $230,371 to $229,966 from May 2015 to May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes rose from 2,347 square feet a year earlier to 2,488 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 10.4% of existing home closings, below 17.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.5% in June from 8.6% a year earlier while REO closings as a percentage of existing home closings sank to 4.9% from 8.6% a year earlier.