Closings of new homes in the Albany, GA market remained unchanged year-over-year in April, staying relatively stable after having decreased year-over-year in March. Closings remained level at 2 from a year earlier after the figure moved from 9 in March 2015 to 4 in March 2016.
New home closings were 2 out of the 175 total closings, a move on a percentage basis from 2 of 198 a year earlier. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
The average per-unit price of new homes was $45,000, compared with $227,000 last year. This was on the heels of a 11.4% fall in March 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 accounted for 42.2% of existing home closings, below 46.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 17.3% in April from 31.6% a year earlier while REO closings as a percentage of existing home closings climbed to 24.9% from 15.3%.