New home sales in the Morristown, TN market were unchanged year-over-year in November, staying stable after little movement in October. Sales remained steady at two from a year earlier after being level at two in October from the year earlier.

A total of 41 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.

Two of the 129 total sales were new home sales, a shift on a percentage basis from two out of 153 a year earlier. Sales of new and existing homes dropped year-over-year in November after also falling in October year-over-year.

The average new home price in November 2011 went down to $91,670 from $432,500 last year. This was on the heels of a 74.3% boost in October year-over-year.

The average mortgage size went down to $78,257 from $291,000 a year earlier. Average mortgage size on new homes went from $90,000 in October 2010 to $94,000 in October 2011. Of the overall sale price, the percentage that was being financed grew 18.1 percentage points year-over-year to 85.4% in November 2011. In October 2011, there was a 36.0 percentage point drop in October from a year earlier.

There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. 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. Combined, foreclosures plus REO sales represented 45.7% of existing home sales. They accounted for 51.0% in November 2010. The percentage of existing home sales involving foreclosures declined to 26.0% in November from 29.1% a year earlier while REO sales as a percentage of existing home sales fell to 19.7% from 21.9% a year earlier.

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