New home closings gained year-over-year in March in the Johnson City, TN market,. Closings stood at 9 in March after being 8 a year earlier and remaining unchanged at 9 in February from a year earlier.
A total of 112 new homes were sold during the 12 months that ended in March, up from 111 for the year that ended in February.
9 of the 238 total closings were new home closings, a shift on a percentage basis from 8 out of 259 a year earlier. Following a year-over-year increase in February, closings of new and existing homes sank year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $171,989, compared with $209,180 last year. This was on the heels of a 29.9% lift in February year-over-year.
The average mortgage size moved to $163,010, down from last year's $188,585. Average mortgage size on new homes went from $219,241 in February 2015 to $209,827 in February 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 fell from 2,020 square feet a year earlier to 1,624 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.7% of closings, below 19.5% a year earlier. The percentage of existing home closings involving foreclosures went from 7.6% in March 2015 to 8.3% in March 2016 and REO closings as a percentage of existing home closings fell to 7.4% from 12.0% a year earlier.