In the Valdosta, GA market in March, closings of new homes increased year-over-year, and the percentage bump was higher than February 2016, implying the market may be improving. New home closings saw a 6.7% hike from a year earlier to 16. This came after a 5.6% hike year-over-year in February.
A total of 208 new homes were sold during the 12 months that ended in March, up from 207 for the year that ended in February.
Of 164 total closings, 16 were of new homes. This is better than the 7.9% of closings a year earlier. After rising year-over-year in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 3.4% in March to $190,652 per unit. This rise is smaller than the 9.0% hike in February year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In March 2016, the average mortgage size was $177,822, up 3.3% from a year earlier. In February 2016, average mortgage size on newly sold homes saw a 11.6% rise year-over-year 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 March 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size fell 11.8% year-over-year to 1,544 square feet in March 2016.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 37.8% of closings, below 38.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.2% in March from 12.5% a year earlier while REO closings as a percentage of existing home closings slid to 21.6% from 25.6% a year earlier.