In January, closings of new homes grew year-over-year in the Macon, GA market, rebounding from a year-over-year decline in December 2015. New home closings moved from 4 a year earlier to 5 after the figure moved from 8 in December 2014 to 6 in December 2015.
A total of 79 new homes were sold during the 12 months that ended in January, up from 78 for the year that ended in December.
5 of the 201 total closings were new home closings, a shift on a percentage basis from 4 out of 254 a year earlier. For new and existing homes, closings declined in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average new home value went from $148,575 last year to $266,572. This followed a 59.9% surge in December year-over-year.
Average mortgage size on new homes went from $180,336 a year earlier to $243,454. Average mortgage size on new homes went from $202,724 in December 2014 to $316,148 in December 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 January 2016.
The average unit size of newly sold homes fell from 2,490 square feet a year earlier to 2,189 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 46.4% of existing closings, lower than 52.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 22.4% in January from 29.6% a year earlier while REO closings as a percentage of existing home closings climbed to 24.0% from 22.8%.