New home closings in the Albany, GA market were unchanged year-over-year in September, staying level after a year-over-year decline in August from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 5 in August 2014 to 3 in August 2015.
New home closings were 2 out of the 204 total closings, a move on a percentage basis from 2 of 162 a year earlier. For new and existing homes, closings rose year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $195,300, compared with $248,950 last year. This came after a 72.4% surge in August year-over-year.
The average mortgage size moved to $173,370, down from last year's $224,785. Average mortgage size on new homes went from $147,331 in August 2014 to $220,703 in August 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 September 2015.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 34.2% of existing home closings, below 40.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.8% in September from 19.4% a year earlier while REO closings as a percentage of existing home closings sank to 18.3% from 21.2% a year earlier.