In the Columbus, GA market, new home closings dropped year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 14 a year earlier to 12 after the figure moved from 24 in March 2015 to 15 in March 2016.
A total of 223 new homes were sold during the 12 months that ended in April, down from 225 for the year that ended in March.
New home closings were 12 of the 256 total closings, up on a percentage basis from 14 of 386 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $273,208, an increase from $252,307 a year earlier. This came after a 24.5% hike in March year-over-year.
Average mortgage size on new homes went from $219,604 a year earlier to $254,845. In March 2016, average mortgage size increased 13.6% 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 April 2016.
The average unit size of newly sold homes fell from 3,668 square feet a year earlier to 1,720 square feet.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 36.1% of closings, below 48.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 20.9% in April from 30.4% a year earlier while REO closings as a percentage of existing home closings dropped to 15.2% from 18.0% a year earlier.