Closings of new homes in the Albany, GA market remained unchanged year-over-year in May, remaining unchanged after minimal movement in April from the year earlier. Closings stayed at 4, unchanged from a year earlier after being consistent at 2 in April from the year earlier.
New home closings were 4 out of the 170 total closings, same on a percentage basis as a year earlier. Following a year-over-year decline in April, closings of new and existing homes also declined year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $206,850 from $167,550 a year ago. This came after a 80.2% fall in April from a year earlier.
Average mortgage size on new homes increased to $209,332 from $131,217 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 36.1% of existing home closings, below 45.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.9% in May from 26.8% a year earlier while REO closings as a percentage of existing home closings jumped to 22.3% from 18.5%.