In the Macon, GA market in November, new home closings jumped year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 5 a year earlier to 7 after the figure moved from 6 in October 2014 to 2 in October 2015.
A total of 80 new homes were sold during the 12 months that ended in November, up from 78 for the year that ended in October.
New home closings were 7 out of 201 total closings, making up 3.5%. This is up on a percentage basis from 5 of 222 a year earlier. Following a year-over-year increase in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
The average price for new homes was $232,643, moving from $231,580 last year. This was on the heels of a 5.7% bump in October year-over-year.
From the year-ago figure of $234,707, the average mortgage size on new homes moved up to $243,715. Average mortgage size on new homes went from $140,600 in October 2014 to $204,775 in October 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 November 2015.
The average unit size of newly sold homes fell from 2,824 square feet a year earlier to 2,100 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 42.8% of existing home closings, down from 56.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 23.2% in November from 29.0% a year earlier while REO closings as a percentage of existing home closings dropped to 19.6% from 27.2% a year earlier.