In the Gainesville, GA market, new home closings dropped year-over-year in September, curving down after an increase in August 2015. New home closings saw a 3.1% drop from a year earlier to 62. This followed a 36.8% boost year-over-year in August.
A total of 713 new homes were sold during the 12 months that ended in September, down from 715 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 15.1%. This is down from the a year earlier when new home closings accounted for 19.0% of total closings. For new and existing homes, closings grew year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
In September, the average price for new home closings was $271,968, a 2.0% decline from last year. This fall is a drop off from the 6.1% decline in August from a year earlier.
For newly sold homes, the average mortgage size rose year-over-year in contrast to new home prices. In September 2015, average mortgage size grew 7.3% from a year earlier to $223,585. In August 2015, average mortgage size jumped 7.3% 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 September 2015. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 27.6% of closings, below 34.9% a year earlier. The percentage of existing home closings involving foreclosures went from 16.2% in September 2014 to 15.8% in September 2015 and REO closings as a percentage of existing home closings dropped to 11.8% from 18.8% a year earlier.