Closings of new homes climbed year-over-year in September in the Athens, GA market,. Closings stood at 21 in September after being 12 a year earlier and remaining unchanged at 18 in August from a year earlier.

A total of 210 new homes were sold during the 12 months that ended in September, up from 201 for the year that ended in August.

New home closings were 21 of the 270 total closings, up on a percentage basis from 12 of 200 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also grew year-over-year in September.

Pricing and Mortgage Trends

The average new home price was $280,957, a move from $280,558 a year earlier. This followed a 14.4% hike in August year-over-year.

Average mortgage size on new homes went from $244,375 a year earlier to $259,942. Average mortgage size went from $290,458 in August 2014 to $288,836 in August 2015.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.

The average unit size of newly sold homes fell from 2,729 square feet a year earlier to 1,513 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.1% of closings, below 21.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.2% in September from 10.1% a year earlier while REO closings as a percentage of existing home closings declined to 8.8% from 11.2% a year earlier.

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