New home closings in the Albany, GA market were unchanged year-over-year in February, remaining relatively stable after moving north year-over-year in January from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in January 2015 to 3 in January 2016.
Out of the 134 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. New and existing home closings climbed in February after a remaining level in January from a year earlier.
The average new home price was $45,000, down from $375,000 a year earlier. This was on the heels of a 17.5% fall in January from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 42.9% of existing closings, lower than 51.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 20.3% in February from 24.4% a year earlier while REO closings as a percentage of existing home closings slid to 22.6% from 26.8% a year earlier.