There was an increase in new home closings in the Gainesville, GA market in November year-over-year, but the percentage rise, which was less than October 2015, seemed to suggest market leveling. New home closings saw a hike of 20.0% from the year earlier to 66. In comparison, new home closings in the same month last year saw a 22.8% climb year-over-year in October.
A total of 738 new homes were sold during the 12 months that ended in November, up from 727 for the year that ended in October.
Of the total number of closings, new home closings made up 19.5%. A year ago, new home closings represented 20.1%. Following a year-over-year increase in October, closings of new and existing homes also climbed year-over-year in November.
Pricing and Mortgage Trends
In November, there was a 5.7% decline year-over-year in the average per-unit price of newly sold homes, settling at $270,190. This drop compares to a period of stability in October from a year earlier.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. In November 2015, average mortgage size on new homes sold was $197,315, down 12.1% from a year earlier. Average mortgage size fell 10.5% 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 made up all of new home closings while attached unit closings have accounted for no part of closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 18.0% of existing home closings, down from 30.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.1% in November from 14.6% a year earlier while REO closings as a percentage of existing home closings slid to 5.9% from 16.0% a year earlier.