In the Valdosta, GA market, closings of new homes sank year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 16 a year earlier to 12 after the figure moved from 20 in November 2014 to 13 in November 2015.
A total of 212 new homes were sold during the 12 months that ended in December, down from 216 for the year that ended in November.
New home closings represented 12 out of the 150 total closings, which is a smaller percentage than the 16 of 177 total closings a year earlier. Following a year-over-year rise in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
The average new home value went from $189,217 last year to $207,446. This came after a 1.7% drop in November from a year earlier.
The average mortgage size on new homes was $201,930, up from $183,979. Average mortgage size on new homes went from $177,587 in November 2014 to $161,839 in November 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 December 2015.
The average unit size of newly sold homes fell from 1,843 square feet a year earlier to 1,688 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in December from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 42.0% of existing home closings, up from 39.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.8% in December from 14.9% a year earlier while REO closings as a percentage of existing home closings declined to 23.2% from 24.2% a year earlier.