In November, the Valdosta, GA market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 20 a year earlier to 13 after the figure moved from 18 in October 2014 to 14 in October 2015.
A total of 214 new homes were sold during the 12 months that ended in November, down from 221 for the year that ended in October.
New home closings were 13 out of the 155 total closings, down on a percentage basis from 20 of 122 a year earlier. After remaining steady in October from a year earlier, closings of new and existing homes increased in November.
Pricing and Mortgage Trends
The average new home price was $181,966, down from $185,095 a year earlier. This was on the heels of a 37.2% fall in October from a year earlier.
The average mortgage size went down to $161,839 from $177,587 a year earlier. Average mortgage size on new homes went from $177,181 in October 2014 to $188,994 in October 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 November 2015.
The average unit size of newly sold homes rose from 1,782 square feet a year earlier to 2,474 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 42.3% of existing home closings, above 38.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 19.0% in November from 20.6% a year earlier while REO closings as a percentage of existing home closings jumped to 23.2% from 17.6%.