Closings of new homes in the Columbus, GA market slid year-over-year in February, sliding after a growth in January 2016. New home closings moved from 19 a year earlier to 17 after the figure moved from 12 in January 2015 to 13 in January 2016.
A total of 233 new homes were sold during the 12 months that ended in February, down from 235 for the year that ended in January.
New home closings made up 5.5% of overall housing closings. This is down from the a year earlier when new home closings made up 6.8% of total closings. Following a decline in January year-over-year, closings of new and existing homes climbed year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had a 4.1% decline year-over-year to $239,282 per unit in February. This drop is a drop off from the 11.8% decline in January from a year earlier.
Average mortgage size on new homes went from $230,920 in February 2015 to $232,671 in February 2016. Average mortgage size on new homes went from $254,863 in January 2015 to $224,092 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes declined 45.8% year-over-year to 1,389 square feet in February 2016. A fall was also seen in January 2016 when the average size of new homes sold slid 36.2% to 2,175 square feet. In January, the average size of new homes sold went from 3,410 square feet a year earlier to 2,175 square feet.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 41.0% of closings, below 48.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 20.5% in February from 24.2% a year earlier while REO closings as a percentage of existing home closings slid to 20.5% from 23.8% a year earlier.