New home closings jumped year-over-year in June in the Athens, GA market, and there were signals that the market may be improving as the percentage rise was better than May 2016. New home closings saw a twofold jump from a year earlier to 40. This was after the housing market saw a 4.8% hike year-over-year in May.
A total of 269 new homes were sold during the 12 months that ended in June, up from 249 for the year that ended in May.
As a percentage of overall housing closings, new home closings made up 9.4%. This is better than the 4.6% of closings a year earlier. After rising year-over-year in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
In June, the average value of new homes saw a 3.0% hike year-over-year as it grew to $295,333 per unit. This gain compares to a 3.5% decline in May from a year earlier.
The average mortgage size on newly sold homes sank year-over-year in contrast to the average price of new homes. It slid 3.0% in June from a year earlier to $250,502. In May 2016, average mortgage size on newly sold homes saw a 9.3% fall from a year earlier.
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 made up all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes grew 66.0% year-over-year to 4,274 square feet in June 2016. In May, the average size of new homes sold went from 3,871 square feet a year earlier to 3,286 square feet. This rise was somewhat steeper than the price lift, which was also seen in May 2016 when the average size of new homes sold climbed 15.1% to 3,286 square feet from a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 9.4% of closings, below 13.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.2% in June from 6.4% a year earlier while REO closings as a percentage of existing home closings declined to 5.2% from 7.4% a year earlier.