Tri-Cities new home sales pace steady, price slightly higher, buyers opt for smaller mortgages


Closings on new home sales in the Tri-Cities were steady in the 12 months ending each month during the first quarter of this year. The average sales prices during the period varied but was slightly higher in March, and buyers walked away from the closing table carrying smaller mortgages.

There were 177 Tri-Cities new home closing in the 12 months ending in March, down from 179 during the same period last year, according to Metrostudy and Builder magazine.

The Johnson City metro area saw the largest closing volume and new home sales accounted for a larger share of all homes sales than what was reported in Kingsport-Bristol.

Here’s a snapshot comparison for new home closings during the 12-month period ending in March compared to the same period last year, the average March price and mortgage compared to March last year:

JOHNSON CITY Metro

Closings – 112, up from 111

Average sales price – $171,989, down from $209,180. According to NETAR’s Trends Report, the average resales price in March was $162,881

Average mortgage – $163,010, down from $188,585

New home sales share of all home sales – 5%, up from 3% last year

KINGSPORT-BRISTOL Metro

Closing – 65, down from 68

Average sales price – $168,217, up from $150,207. According to NETAR’s Trends Report, the average resale price in March was $135,233

Average mortgage – $130,120, up from $125,816.

New home sales share of all home sales – 2%, unchanged from last year

Here’s how closings and the average sales prices for the 12-months ending in January and February look:

JOHNSON CITY Metro

January

Closing – 111, down from 110

Avg. sales price – $199,284, down from $214,940.

February

Closings – 111, unchanged

Avg. sales price – $237,211 down from $182,665

KINGSPORT-BRISTOL Metro

January

Closings – 74, down from 79

Avg. sales price – $136,500, down from $280,911

February

Closings – 68, down from 74

Avg. sales price – $135,442, down from $214,586.

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