In the Macon, GA market, closings of new homes jumped year-over-year in June, but the increase was less than May 2015. New home closings moved from 6 a year earlier to 11 after the figure moved from 3 in May 2014 to 6 in May 2015.
A total of 76 new homes were sold during the 12 months that ended in June, up from 71 for the year that ended in May.
New home closings were 11 out of 361 total closings, making up 3.0%. This is up on a percentage basis from 6 of 299 a year earlier. Following a drop in May year-over-year, closings of new and existing homes rose year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $225,664, compared with $307,750 last year. This followed a 1.8% fall in May from a year earlier.
There was a decline in average mortgage size on new homes, going from $293,817 last year to $190,378 in June 2015. Average mortgage size on new homes went from $137,800 in May 2014 to $235,240 in May 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 June 2015.
The average unit size of newly sold homes fell from 3,310 square feet a year earlier to 1,833 square feet.
Foreclosures and real estate owned (REO) closings fell in June from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 30.6% of closings, below 45.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.9% in June from 25.3% a year earlier while REO closings as a percentage of existing home closings fell to 15.7% from 20.5% a year earlier.