There was a rise in closings of new homes in the Athens, GA market in September year-over-year,. Closings stood at 21 in September after being 12 a year earlier and remaining unchanged at 18 in August from a year earlier.
A total of 210 new homes were sold during the 12 months that ended in September, up from 201 for the year that ended in August.
New home closings were 21 out of 270 total closings, making up 7.8%. This is up on a percentage basis from 12 of 200 a year earlier. Closings of new and existing homes increased year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $280,957, a move from $280,558 a year earlier. This came after a 14.4% surge in August year-over-year.
Average mortgage size on new homes increased to $259,942 from $244,375 last year. It went from $290,458 to $288,836 from August 2014 to August 2015.
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.
The average unit size of newly sold homes fell from 2,729 square feet a year earlier to 1,513 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 14.1% of existing closings, lower than 21.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.2% in September from 10.1% a year earlier while REO closings as a percentage of existing home closings dropped to 8.8% from 11.2% a year earlier.