The Warner Robins, GA market saw a rise in new home closings in August year-over-year, moving north after a decline in July 2015. Closings climbed 3.1% from a year earlier to 33. This was after the housing market saw a 30.4% decline year-over-year in July.
A total of 332 new homes were sold during the 12 months that ended in August, up from 331 for the year that ended in July.
New home closings made up 11.4% of overall housing closings. This is down from the 13.3% of closings a year earlier. Closings of new and existing homes grew year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $204,606 in August, up 1.6% from last year. This lift compares to a period of little change in July from a year earlier.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. In August 2015, there was a 2.2% decline in the average mortgage size on new homes to $197,985. In July 2015, average mortgage size increased 4.7% 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 August 2015. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
There was a 13.7% gain year-over-year in the average unit size of newly sold homes to 2,431 square feet in August 2015.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 29.6% of existing closings, lower than 38.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.8% in August from 18.8% a year earlier while REO closings as a percentage of existing home closings slid to 14.8% from 19.2% a year earlier.