In June, there was a drop year-over-year in new home closings in the Valdosta, GA market, a drop following an increase in May 2016. Closings slumped 13.0% from a year earlier to 20. This was after the housing market saw a 11.8% jump year-over-year in May.
A total of 201 new homes were sold during the 12 months that ended in June, down from 204 for the year that ended in May.
Out of all housing closings, new home closings represented 10.9%. As a part of the whole, new home closings were 10.1% a year earlier. Following a year-over-year decline in May, closings of new and existing homes also sank year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $200,835 per unit in June, up 2.9%from a year earlier. This lift compares to a 19.8% fall in May from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It declined 6.8% in June from a year earlier, reaching $175,680. In May 2016, average mortgage size fell 22.6% 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 June 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings declined in June from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 30.7% of existing home closings, below 37.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.0% in June from 16.6% a year earlier and REO closings moved from 20.5% of existing home closings in June 2015 to 19.6% in June 2016.