Morristown, TN - Latest Figures for New Home Sales Suggest Market Decrease is Subsiding
Posted on: May 07, 2012 09:30:02 AM
In February, there was a drop year-over-year in new home sales in the Morristown, TN market, but the decline was less than the year-over-year decline in January. New home sales moved from three a year earlier to two after the figure moved from four in January 2011 to one in January 2012.
A total of 23 new homes were sold during the 12 months that ended in February, down from 24 for the year that ended in January.
New home sales were two of the 224 total sales, down on a percentage basis from three of 98 a year earlier. For new and existing homes, sales increased year-over-year in February after also increasing in January year-over-year.
Advertisement
Pricing and Mortgage Trends
The average new home value went from $51,667 last year to $129,450,. This followed a 44.8% rise in January year-over-year.
Average mortgage size on new homes increased to $130,878 from $24,000 last year. Average mortgage size on new homes went from $131,761 in January 2011 to $127,040 in January 2012.
Morristown, TN - Latest Figures for New Home Sales Suggest Market Decrease is Subsiding
Posted on: May 07, 2012 09:30:02 AM
In February, there was a drop year-over-year in new home sales in the Morristown, TN market, but the decline was less than the year-over-year decline in January. New home sales moved from three a year earlier to two after the figure moved from four in January 2011 to one in January 2012.
A total of 23 new homes were sold during the 12 months that ended in February, down from 24 for the year that ended in January.
New home sales were two of the 224 total sales, down on a percentage basis from three of 98 a year earlier. For new and existing homes, sales increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $51,667 last year to $129,450,. This followed a 44.8% rise in January year-over-year.
Average mortgage size on new homes increased to $130,878 from $24,000 last year. Average mortgage size on new homes went from $131,761 in January 2011 to $127,040 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 67.6% of sales. They made up 61.1% in February 2011. The percentage of existing home sales involving foreclosures rose to 55.0% in February from 30.5% a year earlier while REO sales as a percentage of existing home sales sank to 12.6% from 30.5% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence