In April, there was a fall year-over-year in new home closings in the Valdosta, GA market, sliding after a growth in March 2016. New home closings moved from 19 a year earlier to 13 after the figure moved from 15 in March 2015 to 16 in March 2016.
A total of 202 new homes were sold during the 12 months that ended in April, down from 208 for the year that ended in March.
13 of the 133 total closings were new home closings, a shift on a percentage basis from 19 out of 209 a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $179,546, down from last year's $186,895. This came after a 3.4% boost in March year-over-year.
Average mortgage size on new homes increased to $175,783 from $171,753 last year. Average mortgage size climbed 3.3% in March 2016 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 April 2016.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 30.8% of existing home closings, below 43.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.3% in April from 24.7% a year earlier and REO closings moved from 18.4% of existing home closings in April 2015 to 17.5% in April 2016.