The Gainesville, GA market saw a drop in new home closings year-over-year in September, shifting downward off a bump in August 2015. There was a 3.1% decline in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 36.8% climb year-over-year in August.
A total of 713 new homes were sold during the 12 months that ended in September, down from 715 for the year that ended in August.
Out of all housing closings, new home closings accounted for 15.1%. This is a decline 19.0% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also rose year-over-year in September.
Pricing and Mortgage Trends
In September, the average price for new home closings was $271,968, a 2.0% drop from last year. This fall is a drop off from the 6.1% drop in August from a year earlier.
Average mortgage size on new homes jumped year-over-year in contrast to new home prices. The average mortgage size rose to $223,585 in September, marking a 7.3% lift compared with a year earlier. In August 2015, average mortgage size on newly sold homes saw a 7.3% hike year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 27.6% of existing home closings, below 34.9% a year earlier. The percentage of existing home closings involving foreclosures went from 16.2% in September 2014 to 15.8% in September 2015 and REO closings as a percentage of existing home closings fell to 11.8% from 18.8% a year earlier.