Closings of new homes gained year-over-year in May in the Valdosta, GA market, rebounding from a year-over-year decline in April 2016. New home closings moved from 17 a year earlier to 19 after the figure moved from 19 in April 2015 to 13 in April 2016.
A total of 204 new homes were sold during the 12 months that ended in May, up from 202 for the year that ended in April.
As a percentage of overall housing closings, new home closings accounted for 10.7%. This is a hike from 9.3% of closings a year earlier. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
In May, the average price of newly sold homes slid 19.8% year-over-year to $172,797 per unit. This fall is larger than the 3.9% decline in April from a year earlier.
Average mortgage size on new homes sank year-over-year in contrast to new home prices. Average mortgage size slid 22.6% to $160,081 in May from a year earlier. Average mortgage size on new homes went from $171,753 in April 2015 to $175,783 in April 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 May 2016. 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 decreased in May from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 32.3% of existing home closings, down from 38.8% a year earlier. The percentage of existing home closings involving foreclosures went from 15.2% in May 2015 to 14.6% in May 2016 and REO closings as a percentage of existing home closings slid to 17.7% from 23.6% a year earlier.