In July, the Augusta, GA market saw a fall year-over-year in new home closings, and the percentage drop was more severe than June 2015, indicating the market may be worsening. New home closings saw a 46.9% fall from a year earlier to 93. This was after the housing market saw a 42.4% drop year-over-year in June.
A total of 1,320 new homes were sold during the 12 months that ended in July, down from 1,402 for the year that ended in June.
Out of all housing closings, new home closings made up 9.0%. This is down from the a year earlier when new home closings accounted for 18.3% of total closings. Closings of new and existing homes gained year-over-year in July following a drop in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 7.4% in July to $246,384 per unit. This rise follows a move from $230,026 per unit to $229,304 from June 2014 to June 2015.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. In July 2015, the average mortgage size on newly sold homes saw a 5.4% gain from a year earlier. Average mortgage size declined 3.5% in June 2015 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 99.4% of new home closings to all of closings while attached units have gone from 0.6% of closings to no part of closings.
The average unit size of newly sold homes climbed 1.7% year-over-year to 2,949 square feet in July 2015. The average size of newly sold homes moved from 2,755 square feet in June 2014 to 2,748 square feet in June 2015.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 26.8% of closings, below 33.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 13.2% in July from 17.8% a year earlier while REO closings as a percentage of existing home closings dropped to 13.6% from 15.3% a year earlier.