Closings of new homes in the Albany, GA market saw no change year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at 3 from a year earlier after the figure moved from 6 in June 2014 to none in June 2015.
3 of the 182 total closings were new home closings, a shift on a percentage basis from 3 out of 153 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $148,000 last year to $170,000. This was on the heels of a.
There was a decline in average mortgage size on new homes, going from $184,625 last year to $166,825 in July 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 July 2015.
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 41.3% of existing home closings, above 32.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 22.9% in July from 12.0% a year earlier while REO closings as a percentage of existing home closings fell to 18.4% from 20.0% a year earlier.