Closings of new homes in the Athens, GA market declined year-over-year in April, a move downward following a lift in March 2016. New home closings saw a decline of 4.2% from the year earlier to 23. This came on the heels of a 28.6% rise year-over-year in March.
A total of 246 new homes were sold during the 12 months that ended in April, down from 247 for the year that ended in March.
New home closings made up 7.5% of overall housing closings. A year ago, new home closings represented 7.0%. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes went from $268,338 in April 2015 to $265,765 in April 2016. This came after a 8.2% decline in March from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. It sank to $217,196 in April, a 9.0% fall. In March 2016, average mortgage size dropped 3.8% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 39.3% fall year-over-year in the average unit size of newly sold homes to 1,561 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 13.3% of existing home closings, below 20.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.9% in April from 6.3% a year earlier while REO closings as a percentage of existing home closings sank to 8.4% from 13.9% a year earlier.