New Home Closings and Prices in Kingsport Fall According to Latest Figures
Posted on: Apr 06, 2014 07:21:31 AM
In the Kingsport, TN market in December, closings of new homes declined year-over-year, falling after a rise in November 2013. New home closings moved from 7 a year earlier to 3 after the figure moved from 3 in November 2012 to 4 in November 2013.
A total of 63 new homes were sold during the 12 months that ended in December, down from 67 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 2.2% a year earlier. After falling in November from a year earlier, closings of new and existing homes stayed steady in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2013 was $163,633, down from last year's $220,129. This followed a more than twofold hike in November year-over-year.
Average mortgage size on new homes fell from $200,356 to $157,868. Average mortgage size on new homes went from $106,967 in November 2012 to $222,790 in November 2013.