In January, there was a decline year-over-year in new home closings in the Valdosta, GA market, and the decline was by a larger percentage than the December 2015. New home closings moved from 12 a year earlier to 5 after the figure moved from 16 in December 2014 to 12 in December 2015.
A total of 206 new homes were sold during the 12 months that ended in January, down from 213 for the year that ended in December.
New home closings were 7.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 115 total closings. Closings of new and existing homes declined year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $179,460, down from $184,778 a year earlier. This came after a 9.6% lift in December year-over-year.
There was a decline in average mortgage size on new homes, going from $180,323 last year to $163,359 in January 2016. Average mortgage size on new homes went from $183,979 in December 2014 to $201,930 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.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 38.2% of existing closings, lower than 47.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.6% in January from 22.2% a year earlier and REO closings moved from a quarter of existing home closings in January 2015 to 24.5% in January 2016.