There was an increase in closings of new homes in the Valdosta, GA market in July year-over-year, and the increase was greater than June 2015. New home closings moved from 8 a year earlier to 22 after the figure moved from 9 in June 2014 to 16 in June 2015.
A total of 157 new homes were sold during the 12 months that ended in July, up from 143 for the year that ended in June.
New home closings were 22 out of 241 total closings, making up 9.1%. This is up on a percentage basis from 8 of 183 a year earlier. For new and existing homes, closings climbed year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home value went from $197,425 last year to $235,055. This came after a 9.2% lift in June year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $182,371 to $176,302. Average mortgage size on new homes went from $161,718 in June 2014 to $197,783 in June 2015.
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.
The average unit size of newly sold homes fell from 1,508 square feet a year earlier to 1,270 square feet.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 31.5% of existing closings, lower than 46.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.4% in July from 23.4% a year earlier while REO closings as a percentage of existing home closings fell to 15.1% from 22.9% a year earlier.