Closings of new homes grew year-over-year in June in the Columbus, GA market, rebounding from a year-over-year decline in May 2016. New home closings moved from 23 a year earlier to 24 after the figure moved from 21 in May 2015 to 14 in May 2016.
A total of 217 new homes were sold during the 12 months that ended in June, up from 216 for the year that ended in May.
New home closings made up 6.7% of overall housing closings. New home closings were 6.1% of overall closings last year. Closings of new and existing homes dropped year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price sank 9.1% year-over-year in June to $219,692 per unit. This fall is a drop off from the 10.5% drop in May from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In June 2016, the average mortgage size on newly sold homes saw a 12.2% fall from a year earlier. Average mortgage size on new homes went from $243,338 in May 2015 to $215,858 in May 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 June 2016. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes slid 54.3% year-over-year to 1,494 square feet in June 2016.
Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 31.4% of existing closings, lower than 35.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 15.6% in June from 18.2% a year earlier and REO closings moved from 16.8% of existing home closings in June 2015 to 15.9% in June 2016.