In the Johnson City, TN market in May, closings of new homes fell year-over-year, sliding after a growth in April 2016. New home closings moved from 11 a year earlier to 8 after the figure moved from 6 in April 2015 to 11 in April 2016.
A total of 111 new homes were sold during the 12 months that ended in May, down from 114 for the year that ended in April.
New home closings were 8 out of the 367 total closings, down on a percentage basis from 11 of 291 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also increased year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $274,802, up from $254,029 a year earlier. This was on the heels of a 21.1% surge in April year-over-year.
Average mortgage size on new homes moved from $230,371 to $229,966. Average mortgage size on new homes went from $195,888 in April 2015 to $228,680 in April 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 rose from 1,983 square feet a year earlier to 2,299 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 12.0% of closings, below 16.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.5% in May from 6.4% a year earlier while REO closings as a percentage of existing home closings dropped to 7.5% from 10.0% a year earlier.