In April, there was a drop year-over-year in new home closings in the Warner Robins, GA market, and the percentage decline was more severe than March 2016, indicating the market may be worsening. Closings slid 52.6% from a year earlier to 18. This came on the heels of a 17.8% fall year-over-year in March.
A total of 399 new homes were sold during the 12 months that ended in April, down from 419 for the year that ended in March.
New home closings accounted for 6.7% of overall housing closings. This is down from the a year earlier when new home closings accounted for 12.2% of total closings. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes declined 2.6% year-over-year in April to $217,767 per unit. This fall compares to a 5.7% lift in March year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It declined 4.4% in April from a year earlier to $203,111. Average mortgage size went from $195,238 in March 2015 to $194,194 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. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes fell 8.7% year-over-year to 2,238 square feet in April 2016. In March, the average size of new homes sold went from 2,360 square feet a year earlier to 2,631 square feet.
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 38.6% of existing home closings, above 33.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 22.3% in April from 13.9% a year earlier while REO closings as a percentage of existing home closings declined to 16.3% from 19.0% a year earlier.