In May, closings of new homes increased year-over-year in the Athens, GA market, rebounding from a year-over-year fall in April 2016. New home closings saw a jump of 4.8% from the year earlier to 22. This was after the housing market saw a 4.2% drop year-over-year in April.
A total of 249 new homes were sold during the 12 months that ended in May, up from 248 for the year that ended in April.
As a percentage of overall housing closings, new home closings represented 6.0% of overall housing closings. New home closings were 6.9% of overall closings last year. After dropping in April from a year earlier, closings of new and existing homes climbed year-over-year in May.
Pricing and Mortgage Trends
The average per-unit value of new homes fell year-over-year to $331,000 in May, a decline of 3.5% from a year earlier. This decline follows a move from $268,338 per unit to $265,765 from April 2015 to April 2016.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. It fell 9.3% in May from a year earlier to $288,798. Average mortgage size slid 9.0% 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 represented all of new home closings while attached unit closings have accounted for no part of closings.
There was a 15.1% decline year-over-year in the average unit size of newly sold homes to 3,286 square feet in May 2016. In April, the average size of new homes sold went from 2,573 square feet a year earlier to 1,561 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 8.5% of existing closings, lower than 11.0% a year earlier. The percentage of existing home closings involving foreclosures went from 3.9% in May 2015 to 3.2% in May 2016 and REO closings as a percentage of existing home closings dropped to 5.3% from 7.1% a year earlier.