In February, there was a drop year-over-year in new home closings in the Macon, GA market, dropping after a year-over-year increase in January 2016. New home closings moved from 5 a year earlier to 3 after the figure moved from 4 in January 2015 to 5 in January 2016.
A total of 77 new homes were sold during the 12 months that ended in February, down from 79 for the year that ended in January.
New home closings were 3 out of the 232 total closings, a move on a percentage basis from 5 of 278 a year earlier. For new and existing homes, closings slid in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $220,750 last year to $238,267. This was on the heels of a 79.4% lift in January year-over-year.
Average mortgage size on new homes went from $180,340 a year earlier to $231,532. Average mortgage size on new homes went from $180,336 in January 2015 to $243,454 in January 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 February 2016.
The average unit size of newly sold homes fell from 2,672 square feet a year earlier to 1,995 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 51.5% of existing home closings, down from 53.8% a year earlier. The percentage of existing home closings involving foreclosures went from 14.3% in February 2015 to 14.4% in February 2016 and REO closings as a percentage of existing home closings declined to 37.1% from 39.6% a year earlier.