In the Athens, GA market in July, new home closings gained year-over-year, but the percentage hike, which was less than June 2016, seemed to suggest market leveling. New home closings saw a hike of 75.0% from the year earlier to 42. This came on the heels of a twofold climb year-over-year in June.
A total of 292 new homes were sold during the 12 months that ended in July, up from 274 for the year that ended in June.
Of 350 total closings, 42 were of new homes. This is an increase on a percentage basis, as new home closings were 6.8% of total closings a year ago. 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 value of new homes slid year-over-year to $283,469 in July, a decline of 3.0% from a year earlier. This decline compares to a 3.0% lift in June year-over-year.
Average mortgage size on new homes went from $247,349 in July 2015 to $247,754 in July 2016. In June 2016, average mortgage size sank 3.0% 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. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes declined 26.3% year-over-year to 2,624 square feet in July 2016. The average size of newly sold homes moved from 2,575 square feet in June 2015 to 4,274 square feet in June 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 9.7% of existing closings, lower than 14.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.9% in July from 6.7% a year earlier while REO closings as a percentage of existing home closings slid to 6.8% from 7.9% a year earlier.