Closings of new homes in the Athens, GA market remained unchanged year-over-year in November, staying flat after advancing year-over-year in October from the year earlier. Closings remained level at 14 from a year earlier after the figure moved from 10 in October 2014 to 14 in October 2015.
A total of 216 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.
New home closings were 14 out of 179 total closings, making up 7.8%. This is up on a percentage basis from 14 of 255 a year earlier. Following a year-over-year rise in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average per-unit price of new homes was $268,200, compared with $322,179 last year. This came after a 5.0% drop in October from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $260,955 to $242,733. Average mortgage size on new homes went from $236,766 in October 2014 to $205,177 in October 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 November 2015.
The average unit size of newly sold homes fell from 2,493 square feet a year earlier to 1,936 square feet.
Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 18.8% of existing home closings, above 17.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.5% in November from 7.5% a year earlier and REO closings moved from 10.0% of existing home closings in November 2014 to 10.3% in November 2015.