New home closings climbed year-over-year in January in the Albany, GA market, and the increase was greater than December 2015. New home closings moved from 2 a year earlier to 3 after the figure moved from 5 in December 2014 to 6 in December 2015.
3 of the 131 total closings were new home closings, a shift on a percentage basis from 2 out of 132 a year earlier. After rising in December from a year earlier, closings of new and existing homes stayed steady in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $160,700, down from last year's $194,700. This came after a 3.2% boost in December year-over-year.
There was a decline in average mortgage size on new homes, going from $202,730 last year to $144,210 in January 2016. Average mortgage size on new homes went from $183,877 in December 2014 to $194,642 in December 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 January 2016.
The average unit size of newly sold homes fell from 1,973 square feet a year earlier to 1,225 square feet.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 44.5% of existing home closings, down from 48.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 22.7% in January from 30.8% a year earlier while REO closings as a percentage of existing home closings gained to 21.9% from 17.7%.