There was an increase in new home closings in the Athens, GA market in January year-over-year, rebounding from a year-over-year decline in December 2015. New home closings moved from 14 a year earlier to 19 after the figure moved from 18 in December 2014 to 15 in December 2015.
A total of 236 new homes were sold during the 12 months that ended in January, up from 231 for the year that ended in December.
New home closings were 19 out of 266 total closings, making up 7.1%. This is up on a percentage basis from 14 of 245 a year earlier. For new and existing homes, closings increased year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $283,132, up from $277,371 a year earlier. This was on the heels of a 7.2% gain in December year-over-year.
The average mortgage size went down to $244,810 from $261,178 a year earlier. In December 2015, average mortgage size on newly sold homes saw a 14.5% hike year-over-year from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,802 square feet a year earlier to 3,118 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 14.2% of existing home closings, below 21.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.1% in January from 11.3% a year earlier while REO closings as a percentage of existing home closings sank to 8.1% from 10.4% a year earlier.