New Home Sales Climb in Morristown, Prices Decrease According to Recent Data
Posted on: Aug 08, 2014 11:37:46 AM
In the Morristown, TN market in May, closings of new homes increased year-over-year, rebounding from a year-over-year decline in April 2014. New home closings moved from 1 a year earlier to 6 after the figure moved from 3 in April 2013 to 1 in April 2014.
New home closings were 6 out of 185 total closings, making up 3.2%. This is up on a percentage basis from 1 of 281 a year earlier. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $150,488, down from last year's $170,000. This came after a 23.0% drop in April from a year earlier.
The average mortgage size went down to $138,752 from $161,500 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.