In July, closings of new homes grew year-over-year in the Macon, GA market, but the increase was less than June 2015. New home closings moved from 3 a year earlier to 5 after the figure moved from 6 in June 2014 to 11 in June 2015.
A total of 78 new homes were sold during the 12 months that ended in July, up from 76 for the year that ended in June.
New home closings were 5 out of the 314 total closings, a move on a percentage basis from 3 of 245 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also climbed year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $250,160, an increase from $174,933 a year earlier. This was on the heels of a 26.7% drop in June from a year earlier.
Average mortgage size on new homes rose from $164,577 to $234,202. Average mortgage size on new homes went from $293,817 in June 2014 to $190,378 in June 2015.
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 2015.
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 accounted for 37.5% of existing home closings, below 39.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.4% in July from 17.4% a year earlier while REO closings as a percentage of existing home closings declined to 17.2% from 21.9% a year earlier.