Closings of new homes in the Albany, GA market remained steady year-over-year in September, staying flat after dropping year-over-year in August from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 5 in August 2014 to 3 in August 2015.
New home closings were 2 out of the 204 total closings, a move on a percentage basis from 2 of 162 a year earlier. Closings of new and existing homes climbed year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $195,300, down from last year's $248,950. This came after a 72.4% hike in August year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $224,785 to $173,370. Average mortgage size on new homes went from $147,331 in August 2014 to $220,703 in August 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 September 2015.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 34.2% of existing home closings, down from 40.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.8% in September from 19.4% a year earlier while REO closings as a percentage of existing home closings dropped to 18.3% from 21.2% a year earlier.