New home closings slid year-over-year in April 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.
New home closings were 3 out of the 257 total closings, a move on a percentage basis from 5 of 337 a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $182,430, down from last year's $323,360. This was on the heels of a 37.8% surge 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 rise in April from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 46.9% of existing home closings, higher than 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 jumped to 17.7% from 15.4%.