New home closings sank year-over-year in March in the Warner Robins, GA market, and the percentage decline was steeper than February 2016, giving suggestion the market may be worsening. New home closings saw a 17.8% decline from a year earlier to 37. This was after the housing market saw a 13.5% drop year-over-year in February.
A total of 420 new homes were sold during the 12 months that ended in March, down from 428 for the year that ended in February.
Out of all housing closings, new home closings accounted for 16.4%. This marks a rise from 14.5% of total closings a year earlier. Closings of new and existing homes dropped year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 5.7% year-over-year in March to $209,768 per unit. This rise is higher than the 1.6% boost in February year-over-year.
Average mortgage size on new homes went from $195,238 in March 2015 to $194,194 in March 2016. Average mortgage size went from $204,041 in February 2015 to $203,272 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 11.5% hike year-over-year in the average unit size of newly sold homes to 2,631 square feet in March 2016. In February, the average size of new homes sold went from 2,603 square feet a year earlier to 2,444 square feet.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 28.6% of existing home closings, down from 33.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.1% in March from 12.0% a year earlier while REO closings as a percentage of existing home closings declined to 18.5% from 21.8% a year earlier.