New home closings jumped year-over-year in March in the Atlanta, GA market, but the percentage boost was less than February 2016, suggesting the market may be leveling. New home closings saw a 5.7% boost from a year earlier to 1,329. This was after the housing market saw a 13.9% climb year-over-year in February.
A total of 15,563 new homes were sold during the 12 months that ended in March, up from 15,491 for the year that ended in February.
Out of all housing closings, new home closings made up 12.5%. They accounted for 11.6% of closings a year earlier. Following a year-over-year increase in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
In March, the average value of new homes saw a 2.2% boost year-over-year as it grew to $323,331 per unit. This lift compares to a 2.0% decline in February from a year earlier.
Average mortgage size on new homes went from $268,759 in March 2015 to $270,198 in March 2016. In February 2016, average mortgage size on newly sold homes saw a 2.9% drop from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes climbed from 83.9% in March 2015 to 85.3% of closings in March 2016. Meanwhile, attached units as a percentage of all new home closings declined to 14.7% of closings from 16.1% of closings.
The average unit size of newly sold homes grew 8.6% year-over-year to 3,216 square feet in March 2016. The average size of newly sold homes moved from 2,988 square feet in February 2015 to 2,792 square feet in February 2016. The bump was sharper than the surge in average price of newly sold homes, making the movement simliar to February 2016 when the average size climbed 6.6% to 2,792 square feet from a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 22.6% of closings, below 26.9% a year earlier. The percentage of existing home closings involving foreclosures went from 10.3% in March 2015 to 10.5% in March 2016 and REO closings as a percentage of existing home closings fell to 12.1% from 16.6% a year earlier.