Closings of new homes declined year-over-year in July in the Albany, GA market, dropping after a year-over-year increase in June 2016. New home closings moved from 4 a year earlier to 2 after the figure moved from none in June 2015 to 7 in June 2016.
A total of 43 new homes were sold during the 12 months that ended in July, down from 45 for the year that ended in June.
New home closings were 2 out of the 152 total closings, a move on a percentage basis from 4 of 189 a year earlier. Closings of new and existing homes slid year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $298,000, up from $169,725 a year earlier. This came after a shift from no closings in June 2015 to an average price of $168,957 in June 2016.
Average mortgage size on new homes rose from $166,579 to $303,957.
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.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 26.7% of existing home closings, below 43.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.0% in July from 23.8% a year earlier while REO closings as a percentage of existing home closings fell to 16.7% from 20.0% a year earlier.