In December, closings of new homes grew year-over-year in the Albany, GA market,. Closings stood at 6 in December after being 4 a year earlier and remaining unchanged at 3 in November from a year earlier.
New home closings were 6 out of the 184 total closings, a move on a percentage basis from 4 of 145 a year earlier. Closings of new and existing homes jumped year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $194,000 from $184,000 a year ago. This was on the heels of a 4.2% surge in November year-over-year.
Average mortgage size on new homes rose from $179,896 to $194,642. Average mortgage size on new homes went from $176,871 in November 2014 to $161,100 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 39.9% of existing home closings, down from 48.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 19.1% in December from 25.5% a year earlier while REO closings as a percentage of existing home closings slid to 20.8% from 23.4% a year earlier.