New home closings slid year-over-year in July in the Johnson City, TN market, declining after staying relatively stable in June from the year earlier. Closings stood at 10 in July after being 16 a year earlier and remaining unchanged at 14 in June from a year earlier.
A total of 111 new homes were sold during the 12 months that ended in July, down from 117 for the year that ended in June.
Last year, 16 of 371 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 362 total closings. Following a year-over-year increase in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $331,638, an increase from $244,583 a year earlier. This followed a 7.8% gain in June year-over-year.
Average mortgage size on new homes rose from $212,958 to $299,293. Average mortgage size on new homes went from $197,866 in June 2015 to $225,681 in June 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,479 square feet a year earlier to 2,676 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 11.4% of existing home closings, below 18.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.8% in July from 9.3% a year earlier while REO closings as a percentage of existing home closings sank to 6.5% from 8.7% a year earlier.