Closings of new homes in the Athens, GA market slid year-over-year in April, a move downward following a surge in March 2016. Closings declined 4.2% from a year earlier to 23. This was after the housing market saw a 28.6% jump year-over-year in March.
A total of 246 new homes were sold during the 12 months that ended in April, down from 247 for the year that ended in March.
Of the total number of closings, new home closings made up 7.5%. A year ago, new home closings made up 7.0%. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $265,765 in April 2016 from $268,338 in April 2015. This followed a 8.2% fall in March from a year earlier.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. Average mortgage size slid 9.0% to $217,196 in April from a year earlier. Average mortgage size declined 3.8% in March 2016 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 April 2016. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size slid 39.3% year-over-year to 1,561 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 13.3% of closings, below 20.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.9% in April from 6.3% a year earlier while REO closings as a percentage of existing home closings dropped to 8.4% from 13.9% a year earlier.