Closings of new homes in the Valdosta, GA market declined year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 33 a year earlier to 13 after the figure moved from 23 in June 2015 to 20 in June 2016.
A total of 181 new homes were sold during the 12 months that ended in July, down from 201 for the year that ended in June.
New home closings were 12.6% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 13 of the 165 total closings. Following a year-over-year decline in June, closings of new and existing homes also sank year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $194,669, compared with $217,106 last year. This followed a 2.9% gain in June year-over-year.
There was a decline in average mortgage size on new homes, going from $176,446 last year to $172,193 in July 2016. In June 2016, average mortgage size on newly sold homes saw a 6.8% fall 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 July 2016.
The average unit size of newly sold homes fell from 1,645 square feet a year earlier to 1,318 square feet.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 27.0% of existing home closings, below 31.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 13.8% in July from 16.7% a year earlier while REO closings as a percentage of existing home closings declined to 13.2% from 14.9% a year earlier.