Closings of new homes in the Warner Robins, GA market grew year-over-year in September, and the percentage rise was higher than August 2015, implying the market may be improving. There was a 52.0% rise in new home closings from a year earlier. This followed a 3.1% rise year-over-year in August.
A total of 352 new homes were sold during the 12 months that ended in September, up from 339 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 14.6%. This is better than the 11.4% of closings a year earlier. For new and existing homes, closings gained year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
In September, there was a 7.2% gain year-over-year in the average price of newly sold homes, reaching $225,400 per unit. This hike is an improvement over the 1.6% surge in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It gained to $213,827 in September, a 3.2% hike. In August 2015, average mortgage size on newly sold homes saw a 2.2% decline 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 September 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes remained steady year-over-year at 2,048 square feet in September 2015. In August, the average size of new homes sold went from 2,138 square feet a year earlier to 2,431 square feet.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 28.7% of existing closings, lower than 40.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.0% in September from 19.1% a year earlier while REO closings as a percentage of existing home closings sank to 15.7% from 21.1% a year earlier.