Closings of new homes dropped year-over-year in May in the Columbus, GA market, and the decline was by a larger percentage than the April 2016. New home closings moved from 21 a year earlier to 14 after the figure moved from 14 in April 2015 to 12 in April 2016.

A total of 216 new homes were sold during the 12 months that ended in May, down from 223 for the year that ended in April.

New home closings were 7.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 14 of the 273 total closings. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.

Pricing and Mortgage Trends

The average new home price was $224,650, down from $251,133 a year earlier. This followed a 8.3% surge in April year-over-year.

The average mortgage size moved to $215,858, down from last year's $243,338. Average mortgage size on new homes went from $219,604 in April 2015 to $254,845 in April 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 May 2016.

Foreclosures and real estate owned (REO) closings fell in May from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 35.1% of existing home closings, below 41.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.7% in May from 20.6% a year earlier while REO closings as a percentage of existing home closings gained to 22.4% from 21.0%.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Columbus, GA area.