In June, closings of new homes in the Gainesville, GA market jumped year-over-year, moving north after a decline in May 2016. New home closings saw a 4.3% hike from a year earlier to 73. This was after the housing market saw a 11.1% decline year-over-year in May.
A total of 744 new homes were sold during the 12 months that ended in June, up from 741 for the year that ended in May.
Out of all housing closings, new home closings made up 15.2%. They accounted for 15.4% of closings a year earlier. Following a year-over-year increase in May, closings of new and existing homes also gained year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $295,103 in June, up 2.2% from last year. This hike compares to a 7.7% drop in May from a year earlier.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In June 2016, the average mortgage size was $252,210, up 12.3% from a year earlier. In May 2016, average mortgage size sank 2.8% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have fallen. Attached unit closings grew from no part of all closings in June 2015 to 4.1% of closings in June 2016. Conversely, the share belonging to single-family homes declined to 95.9% of closings from all of closings.
There was a 15.2% bump year-over-year in the average unit size of newly sold homes to 3,184 square feet in June 2016.
Combined, foreclosures plus REO closings represented 22.3% of existing home closings. They accounted for 22.4% in June 2015. The percentage of existing home closings involving foreclosures rose to 18.4% in June from 6.2% a year earlier while REO closings as a percentage of existing home closings fell to 3.9% from 16.1% a year earlier.