Closings of new homes slid year-over-year in July in the Warner Robins, GA market, and the percentage decline was steeper than June 2015, suggesting the market may be worsening. Closings slid 28.9% from a year earlier to 32. This came on the heels of a 20.6% decline year-over-year in June.
A total of 322 new homes were sold during the 12 months that ended in July, down from 335 for the year that ended in June.
New home closings represented 9.2% of overall housing closings. This is a decline 17.4% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also gained year-over-year in July.
Pricing and Mortgage Trends
For newly sold homes, the average price stayed level year-over-year in July at $222,848 per unit. This comes after a 10.8% lift in June year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In July 2015, the average mortgage size was $219,689, up 4.9% from a year earlier. Average mortgage size gained 15.2% in June 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015. 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 continued to rise in July from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, represented 33.0% of existing home closings, up from 32.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.2% in July from 13.6% a year earlier while REO closings as a percentage of existing home closings dropped to 17.8% from 19.2% a year earlier.