In the Montgomery, AL market, closings of new homes fell year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 16 a year earlier to 2 after the figure moved from 13 in January 2015 to none in January 2016.
Last year, 16 of 259 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 66 total closings. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $238,637 last year to $271,870. This was on the heels of a.
Average mortgage size on newly sold homes saw a decline year-over-year from $221,340 to $171,330.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Out of all existing home closings, foreclosures combined with REO closings made up 39.1% of closings. In February 2015, they represented 39.1%. The percentage of existing home closings involving foreclosures sank to 12.5% in February from 15.6% a year earlier while REO closings as a percentage of existing home closings gained to 26.6% from 23.5%.