Prices of New Homes Rise in Morristown, Sales Decline According to Latest Data
Posted on: Apr 06, 2014 07:28:23 AM
Closings of new homes fell year-over-year in January in the Morristown, TN market, dropping after a year-over-year increase in December 2013. New home closings moved from 2 a year earlier to 1 after the figure moved from 2 in December 2012 to 3 in December 2013.
A total of 25 new homes were sold during the 12 months that ended in January, down from 26 for the year that ended in December.
1 of the 123 total closings were new home closings, a shift on a percentage basis from 2 out of 181 a year earlier. Following a year-over-year increase in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $200,000, up from $188,450 a year earlier. This came after a 37.3% decline in December from a year earlier.
There was a decline in average mortgage size on new homes, going from $185,361 last year to $140,000 in January 2014. Average mortgage size on new homes went from $179,546 in December 2012 to $105,343 in December 2013.