There was a rise in closings of new homes in the Athens, GA market in February year-over-year, but the increase was less than January 2016. New home closings moved from 15 a year earlier to 16 after the figure moved from 14 in January 2015 to 19 in January 2016.
A total of 237 new homes were sold during the 12 months that ended in February, up from 236 for the year that ended in January.
Out of all housing closings, new home closings accounted for 6.0%. This is down from the a year earlier when new home closings represented 7.1% of total closings. Following a year-over-year increase in January, closings of new and existing homes also gained year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had a 22.2% rise year-over-year to $335,788 per unit in February. This lift is higher than the 2.1% surge in January year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In February 2016, the average mortgage size was $273,898, a 13.3% lift from a year earlier. Average mortgage size on new homes went from $261,178 in January 2015 to $244,810 in January 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 February 2016. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes climbed 24.5% year-over-year to 3,707 square feet in February 2016. The average size of newly sold homes moved from 2,802 square feet in January 2015 to 3,118 square feet in January 2016. An increase in both the average size and price of newly sold homes was also seen in January 2016 when the average size increased 11.3% to 3,118 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 12.7% of closings, below 24.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.8% in February from 8.6% a year earlier while REO closings as a percentage of existing home closings fell to 6.0% from 16.2% a year earlier.