In the Warner Robins, GA market, closings of new homes gained year-over-year in September, and the percentage boost was sharper than August 2015, hinting that the market may be strengthening. There was a 52.0% rise in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 3.1% jump year-over-year in August.
A total of 352 new homes were sold during the 12 months that ended in September, up from 339 for the year that ended in August.
Out of all housing closings, new home closings represented 14.6%. This is better than the 11.4% of closings a year earlier. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 7.2% in September to $225,400 per unit. This gain is an improvement over the 1.6% lift in August year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In September 2015, the average mortgage size was $213,827, a 3.2% gain from a year earlier. In August 2015, average mortgage size on newly sold homes saw a 2.2% fall 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 September 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes remained steady year-over-year at 2,048 square feet in September 2015. The average size of newly sold homes moved from 2,138 square feet in August 2014 to 2,431 square feet in August 2015.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 28.7% of existing closings, lower than 40.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.0% in September from 19.1% a year earlier while REO closings as a percentage of existing home closings dropped to 15.7% from 21.1% a year earlier.