The Augusta, GA market saw a drop in new home closings year-over-year in November, and there were suggestions of weakening market conditions with a percentage decline steeper than that of October 2015. New home closings saw a 70.7% decline from a year earlier to 36. This followed a 65.8% drop year-over-year in October.
A total of 1,079 new homes were sold during the 12 months that ended in November, down from 1,166 for the year that ended in October.
New home closings accounted for 5.8% of overall housing closings. This is down from the a year earlier when new home closings made up 16.1% of total closings. Following a year-over-year increase in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
For newly sold homes, the average price declined 4.4% year-over-year in November to $216,307 per unit. This decline follows a move from $218,714 per unit to $220,342 from October 2014 to October 2015.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. It slid 2.0% in November from a year earlier, reaching $208,207. Average mortgage size slid 6.9% in October 2015 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 November 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size declined 38.0% year-over-year to 1,563 square feet in November 2015. In October, the average size of new homes sold went from 2,634 square feet a year earlier to 2,835 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 32.8% of existing closings, lower than 35.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.5% in November from 18.8% a year earlier and REO closings moved from 16.5% of existing home closings in November 2014 to 17.3% in November 2015.