In the Albany, GA market, closings of new homes declined year-over-year in March, falling after remaining level in February from the year earlier. Closings stood at 4 in March after being 9 a year earlier and remaining unchanged at 1 in February from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to 2.2% from 4.5% a year earlier. Following a year-over-year increase in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $159,550, down from $180,000 a year earlier. This followed a 88.0% decline in February from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $160,560 to $137,410.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, represented 50.6% of existing home closings, higher than 44.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 30.3% in March from 20.6% a year earlier while REO closings as a percentage of existing home closings fell to 20.2% from 23.8% a year earlier.