In April, there was a decline year-over-year in new home closings in the Macon, GA market, but the decline was less than the year-over-year decline in March. New home closings moved from 5 a year earlier to 3 after the figure moved from 13 in March 2015 to 7 in March 2016.
A total of 69 new homes were sold during the 12 months that ended in April, down from 71 for the year that ended in March.
3 of the 257 total closings were new home closings, a shift on a percentage basis from 5 out of 337 a year earlier. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $182,430, down from $323,360 a year earlier. This was on the heels of a 37.8% lift in March year-over-year.
Average mortgage size on new homes fell from $279,395 to $213,233. Average mortgage size on new homes went from $178,974 in March 2015 to $243,773 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings made up 46.9% of existing home closings, above 38.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 29.1% in April from 23.2% a year earlier while REO closings as a percentage of existing home closings gained to 17.7% from 15.4%.