In the Gainesville, GA market in July, closings of new homes increased year-over-year, an upward turn from a fall in June 2015. New home closings saw a climb of 10.6% from the year earlier to 52. In comparison, new home closings in the same month last year saw a 10.3% fall year-over-year in June.
A total of 674 new homes were sold during the 12 months that ended in July, up from 669 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 12.9%. This is down from the 14.4% of closings a year earlier. For new and existing homes, closings increased year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes declined year-over-year to $276,917 in July, a drop of 8.2% from a year earlier. This decline compares to a 2.0% lift in June year-over-year.
Average mortgage size on new homes grew year-over-year in contrast to new home prices. Average mortgage size rose 3.5% to $219,676 in July from a year earlier. In June 2015, average mortgage size sank 5.0% 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 July 2015. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes climbed 14.2% year-over-year to 3,006 square feet in July 2015. The average size of newly sold homes moved from 2,795 square feet in June 2014 to 2,482 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 17.4% of existing home closings, down from 25.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.3% in July from 12.9% a year earlier while REO closings as a percentage of existing home closings dropped to 11.1% from 12.5% a year earlier.