Newest Figures Show New Home Sales and Prices Decrease in Morristown
Posted on: Jul 06, 2014 07:24:56 AM
In the Morristown, TN market, new home closings declined year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 3 a year earlier to 2 after the figure moved from 2 in March 2013 to 1 in March 2014.
2 of the 171 total closings were new home closings, a shift on a percentage basis from 3 out of 218 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2014 was $176,950, down from last year's $189,417. This followed a 6.2% drop in March from a year earlier.
Average mortgage size on new homes fell from $184,089 to $166,400. Average mortgage size on new homes went from $165,350 in March 2013 to $113,000 in March 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2014.