In May, the Warner Robins, GA market saw a decline year-over-year in new home closings, but the percentage drop was not as steep as April 2016, suggesting that the market may be stabilizing. New home closings saw a drop of 30.6% from the year earlier to 25. This came on the heels of a 52.6% decline year-over-year in April.
A total of 391 new homes were sold during the 12 months that ended in May, down from 402 for the year that ended in April.
New home closings made up 8.5% of overall housing closings. This is down from the 14.0% of closings a year earlier. Following a fall in April year-over-year, closings of new and existing homes rose year-over-year in May.
Pricing and Mortgage Trends
The average value for new homes sold in May 2016 was $218,200, a move from $219,874 a year earlier. This followed a 2.6% decline in April from a year earlier.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. The average mortgage size declined to $215,944 in May, marking a 1.5% fall compared with last year. Average mortgage size declined 4.4% in April 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 May 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 16.2% fall year-over-year in the average unit size of newly sold homes to 2,124 square feet in May 2016. The average size of newly sold homes moved from 2,450 square feet in April 2015 to 2,238 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 21.6% of closings, below 27.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.7% in May from 12.2% a year earlier while REO closings as a percentage of existing home closings slid to 11.9% from 14.9% a year earlier.