Closings of new homes sank year-over-year in November in the Columbus, GA market, dropping after a year-over-year increase in October 2015. New home closings moved from 18 a year earlier to 14 after the figure moved from 16 in October 2014 to 22 in October 2015.
A total of 238 new homes were sold during the 12 months that ended in November, down from 242 for the year that ended in October.
New home closings were 14 out of the 254 total closings, a move on a percentage basis from 18 of 301 a year earlier. After rising year-over-year in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $350,743, up from $307,400 a year earlier. This followed a 2.0% fall in October from a year earlier.
The average mortgage size went down to $249,623 from $266,675 a year earlier. Average mortgage size sank 11.3% 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.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 42.1% of existing home closings, down from 47.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.4% in November from 26.9% a year earlier while REO closings as a percentage of existing home closings gained to 26.7% from 20.8%.