In June, there was an increase in closings of new homes in the Warner Robins, GA market year-over-year, an upward turn from a drop in May 2016. Closings increased 21.2% from a year earlier to 40. This came on the heels of a 30.6% drop year-over-year in May.
A total of 398 new homes were sold during the 12 months that ended in June, up from 391 for the year that ended in May.
As a percentage of overall housing closings, new home closings made up 12.3% of overall housing closings. A year earlier, new home closings represented 11.4% of total closings. Following a year-over-year increase in May, closings of new and existing homes also gained year-over-year in June.
Pricing and Mortgage Trends
In June, the average price of newly sold homes gained 6.8% year-over-year to $235,664 per unit. This surge follows a move from $219,874 per unit in May 2015 to $218,200 in May 2016.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In June 2016, the average mortgage size was $220,082, a 5.7% gain from a year earlier. In May 2016, average mortgage size on newly sold homes saw a 1.5% decline 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 June 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 1.8% boost year-over-year in the average unit size of newly sold homes to 2,368 square feet in June 2016. The average size of newly sold homes moved from 2,535 square feet in May 2015 to 2,124 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 23.8% of existing home closings, below 34.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.7% in June from 19.5% a year earlier and REO closings moved from 15.2% of existing home closings in June 2015 to 15.0% in June 2016.