New home closings in the Albany, GA market stayed the same year-over-year in November, staying level after a year-over-year increase in October from a year earlier. Closings remained level at 3 from a year earlier after the figure moved from 1 in October 2014 to 5 in October 2015.

3 of the 136 total closings were new home closings, a shift on a percentage basis from 3 out of 124 a year earlier. Following a drop in October year-over-year, closings of new and existing homes climbed year-over-year in November.

Pricing and Mortgage Trends

The average price of new homes was $182,967, an increase from $175,600 a year earlier. This came after a 89.2% boost in October year-over-year.

There was a decline in average mortgage size on new homes, going from $176,871 last year to $161,100 in November 2015. Average mortgage size on new homes went from $108,007 in October 2014 to $197,827 in October 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 November 2015.

Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 41.4% of existing home closings, down from 44.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 27.1% in November from 25.6% a year earlier while REO closings as a percentage of existing home closings sank to 14.3% from 19.0% a year earlier.

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