New home closings in the Columbus, GA market climbed year-over-year in October, rebounding from a year-over-year decline in September 2015. New home closings moved from 16 a year earlier to 22 after the figure moved from 32 in September 2014 to 14 in September 2015.
A total of 243 new homes were sold during the 12 months that ended in October, up from 237 for the year that ended in September.
Out of all housing closings, new home closings represented 6.5%. This is a rise from 5.4% of closings a year earlier. Following a year-over-year increase in September, closings of new and existing homes also jumped year-over-year in October.
Pricing and Mortgage Trends
In October, there was a 2.0% drop year-over-year in the average per-unit price of newly sold homes, settling at $227,541. This drop compares to a 13.0% gain in September year-over-year.
For newly sold homes, the average mortgage size dropped year-over-year in contrast to average price of new homes. It dropped 11.3% in October from a year earlier to $209,693. Average mortgage size on new homes went from $227,836 in September 2014 to $236,627 in September 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 October 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
Foreclosures and real estate owned (REO) closings continued to rise in October from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings represented 44.8% of existing home closings, up from 44.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 21.3% in October from 25.4% a year earlier while REO closings as a percentage of existing home closings jumped to 23.5% from 19.1%.