Closings of new homes climbed year-over-year in November in the Gainesville, GA market, but with a less pronounced percentage rise than October 2015, there are signals of market stabilization. New home closings saw a 20.0% rise from a year earlier to 66. This came on the heels of a 22.8% hike year-over-year in October.
A total of 738 new homes were sold during the 12 months that ended in November, up from 727 for the year that ended in October.
New home closings made up 19.5% of overall housing closings. A year ago, new home closings accounted for 20.1%. For new and existing homes, closings climbed year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 5.7% fall year-over-year in November to $270,190 per unit. This drop compares to a period of relatively little movement in October from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. Average mortgage size sank 12.1% to $197,315 in November from a year earlier. Average mortgage size fell 10.5% in October 2015 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 November 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.0% of existing closings, lower than 30.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.1% in November from 14.6% a year earlier while REO closings as a percentage of existing home closings dropped to 5.9% from 16.0% a year earlier.