The Gainesville, GA market saw a drop in new home closings year-over-year in April, moving downward after a gain in March 2016. Closings slid 23.5% from a year earlier to 52. This came on the heels of a 8.7% boost year-over-year in March.
A total of 745 new homes were sold during the 12 months that ended in April, down from 761 for the year that ended in March.
Out of all housing closings, new home closings accounted for 16.7%. This marks a rise from 14.5% of total closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $267,525 in April, a fall of 1.9% from a year earlier. This decline is a drop off from the 5.1% drop in March from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It slid 3.5% in April from a year earlier, reaching $201,839. In March 2016, average mortgage size dropped 5.8% from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units jumped from no part of closings in April 2015 to 3.8% of closings in April 2016. Conversely, the share belonging to single-family homes sank to 96.2% of closings from all of closings.
The average unit size of newly sold homes rose 29.4% year-over-year to 3,406 square feet in April 2016. In March, the average size of new homes sold went from 2,754 square feet a year earlier to 2,119 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 15.0% of existing closings, lower than 21.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.4% in April from 7.5% a year earlier while REO closings as a percentage of existing home closings dropped to 9.6% from 14.2% a year earlier.