The Athens, GA market saw a rise in new home closings in July year-over-year, but the increase was less than June 2015. New home closings moved from 21 a year earlier to 22 after the figure moved from 11 in June 2014 to 20 in June 2015.
A total of 195 new homes were sold during the 12 months that ended in July, up from 194 for the year that ended in June.
New home closings accounted for 6.4% of overall housing closings. A year ago, 6.8% of total closings were new home closings. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in July was $281,259 per unit, down 12.0% from a year earlier. This drop compares to a 5.1% bump in June year-over-year.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. In July 2015, average mortgage size sank 7.8% from a year earlier to $246,136. Average mortgage size on new homes went from $256,393 in June 2014 to $269,822 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.7% of closings, below 24.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.6% in July from 13.8% a year earlier while REO closings as a percentage of existing home closings fell to 8.1% from 11.1% a year earlier.