I would suggest:
$('#shipping_customer_address option:last').prop('selected', true);
$('#shipping_customer_address option:last').prop('selected', true);
<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script> <select name="shipping_address_id" id="shipping_customer_address" class="customer_address" title="" onchange="shipping.newAddress(!this.value)"> <option value="48" selected="selected">pp, yui, cfg, 90602-1234, US Minor Outlying Islands</option> <option value="52" selected="selected">e B, ewri, csdfwefg, 90602-1234, US Minor Outlying Islands</option> <option value="">New Address</option> </select>
External JS Fiddle demo .
Or (a little faster):
$('#shipping_customer_address option').last().prop('selected',true);
$('#shipping_customer_address option').last().prop('selected',true);
<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script> <select name="shipping_address_id" id="shipping_customer_address" class="customer_address" title="" onchange="shipping.newAddress(!this.value)"> <option value="48" selected="selected">pp, yui, cfg, 90602-1234, US Minor Outlying Islands</option> <option value="52" selected="selected">e B, ewri, csdfwefg, 90602-1234, US Minor Outlying Islands</option> <option value="">New Address</option> </select>
External JS Fiddle demo .
You can simply remove the value attribute from the New Address option and select by the absence of this attribute:
$('#shipping_customer_address option').not('[value]').prop('selected',true);
$('#shipping_customer_address option').not('[value]').prop('selected',true);
<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script> <select name="shipping_address_id" id="shipping_customer_address" class="customer_address" title="" onchange="shipping.newAddress(!this.value)"> <option value="48" selected="selected">pp, yui, cfg, 90602-1234, US Minor Outlying Islands</option> <option value="52" selected="selected">e B, ewri, csdfwefg, 90602-1234, US Minor Outlying Islands</option> <option>New Address</option> </select>
External JS Fiddle demo .
Or even select an empty attribute:
$('#shipping_customer_address option[value=""]').prop('selected',true);
$('#shipping_customer_address option[value=""]').prop('selected',true);
<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script> <select name="shipping_address_id" id="shipping_customer_address" class="customer_address" title="" onchange="shipping.newAddress(!this.value)"> <option value="48" selected="selected">pp, yui, cfg, 90602-1234, US Minor Outlying Islands</option> <option value="52" selected="selected">e B, ewri, csdfwefg, 90602-1234, US Minor Outlying Islands</option> <option value="">New Address</option> </select>
External JS Fiddle demo .
Or, in normal JavaScript, to select the last <option> :
document.getElementById('shipping_customer_address').lastElementChild.selected = true;
document.getElementById('shipping_customer_address').lastElementChild.selected = true;
<select name="shipping_address_id" id="shipping_customer_address" class="customer_address" title="" onchange="shipping.newAddress(!this.value)"> <option value="48" selected="selected">pp, yui, cfg, 90602-1234, US Minor Outlying Islands</option> <option value="52" selected="selected">e B, ewri, csdfwefg, 90602-1234, US Minor Outlying Islands</option> <option value="">New Address</option> </select>
External JS Fiddle demo .
Or, to select the last <option> using the CSS selector with document.querySelector() :
document.querySelector('#shipping_customer_address option:last-child').selected = true;
document.querySelector('#shipping_customer_address option:last-child').selected = true;
<select name="shipping_address_id" id="shipping_customer_address" class="customer_address" title="" onchange="shipping.newAddress(!this.value)"> <option value="48" selected="selected">pp, yui, cfg, 90602-1234, US Minor Outlying Islands</option> <option value="52" selected="selected">e B, ewri, csdfwefg, 90602-1234, US Minor Outlying Islands</option> <option value="">New Address</option> </select>
External JS Fiddle demo .
Or for those browsers that do not recognize lastElementChild :
var options = document.getElementById('shipping_customer_address').options; options[options.length - 1].selected = true;
var options = document.getElementById('shipping_customer_address').options; options[options.length - 1].selected = true;
<select name="shipping_address_id" id="shipping_customer_address" class="customer_address" title="" onchange="shipping.newAddress(!this.value)"> <option value="48" selected="selected">pp, yui, cfg, 90602-1234, US Minor Outlying Islands</option> <option value="52" selected="selected">e B, ewri, csdfwefg, 90602-1234, US Minor Outlying Islands</option> <option value="">New Address</option> </select>
External JS Fiddle demo .
To select a parameter with an empty property / attribute value using document.querySelector() :
document.querySelector('#shipping_customer_address option[value=""]').selected = true;
document.querySelector('#shipping_customer_address option[value=""]').selected = true;
<select name="shipping_address_id" id="shipping_customer_address" class="customer_address" title="" onchange="shipping.newAddress(!this.value)"> <option value="48" selected="selected">pp, yui, cfg, 90602-1234, US Minor Outlying Islands</option> <option value="52" selected="selected">e B, ewri, csdfwefg, 90602-1234, US Minor Outlying Islands</option> <option value="">New Address</option> </select>
External JS Fiddle demo .
Literature: