The Morristown, TN market saw a drop in new home closings year-over-year in July, dropping after a year-over-year increase in June 2016. New home closings moved from 6 a year earlier to 2 after the figure moved from 2 in June 2015 to 3 in June 2016.
New home closings were 2 out of the 181 total closings, down on a percentage basis from 6 of 248 a year earlier. After rising year-over-year in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $138,450, down from $172,998 a year earlier. This followed a 15.7% boost in June year-over-year.
From the year-ago figure of $137,297, the average mortgage size on new homes moved up to $144,000. Average mortgage size on new homes went from $138,320 in June 2015 to $153,145 in June 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 July 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.6% of existing home closings, down from 40.5% a year earlier. The percentage of existing home closings involving foreclosures went from 9.1% in July 2015 to 8.4% in July 2016 and REO closings as a percentage of existing home closings sank to 11.2% from 31.4% a year earlier.