In August, the Albany, GA market saw a fall year-over-year in new home closings, dropping after staying level in July. Closings stood at 3 in August after being 5 a year earlier and remaining unchanged at 3 in July from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 3.1% a year earlier. For new and existing homes, closings gained year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $251,900 from $146,100 a year ago. This came after a 14.9% boost in July year-over-year.
From the year-ago figure of $147,331, the average mortgage size on new homes moved up to $220,703. Average mortgage size on new homes went from $184,625 in July 2014 to $166,825 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 41.4% of existing home closings, up from 36.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 22.4% in August from 23.6% a year earlier while REO closings as a percentage of existing home closings rose to 19.0% from 13.4%.