There was an increase in new home closings in the Valdosta, GA market in May year-over-year, rebounding from a year-over-year decline in April 2016. New home closings moved from 17 a year earlier to 19 after the figure moved from 19 in April 2015 to 13 in April 2016.
A total of 204 new homes were sold during the 12 months that ended in May, up from 202 for the year that ended in April.
Of 177 total closings, 19 were of new homes. This is an increase on a percentage basis, as new home closings were 9.3% of total closings a year ago. Following a year-over-year decline in April, closings of new and existing homes also declined year-over-year in May.
Pricing and Mortgage Trends
In May, the average price for new home closings was $172,797, a 19.8% fall from last year. This drop is larger than the 3.9% decline in April from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In May 2016, average mortgage size on new homes sold was $160,081, down 22.6% from a year earlier. Average mortgage size on new homes went from $171,753 in April 2015 to $175,783 in April 2016.
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.
Foreclosures and real estate owned (REO) closings declined in May from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 32.3% of closings, below 38.8% a year earlier. The percentage of existing home closings involving foreclosures went from 15.2% in May 2015 to 14.6% in May 2016 and REO closings as a percentage of existing home closings fell to 17.7% from 23.6% a year earlier.