In May, the Macon, GA market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in April. New home closings moved from 7 a year earlier to 6 after the figure moved from 5 in April 2015 to 3 in April 2016.
A total of 68 new homes were sold during the 12 months that ended in May, down from 69 for the year that ended in April.
New home closings were 6 out of the 268 total closings, same on a percentage basis as a year earlier. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $196,633, compared with $211,079 last year. This followed a 43.6% decline in April from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $218,687 to $191,390. Average mortgage size on new homes went from $279,395 in April 2015 to $213,233 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
There was a move in the average unit size of newly sold homes from 1,547 square feet in May 2015 to 1,558 square feet in May 2016.
Foreclosures and real estate owned (REO) closings fell in May from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 36.6% of closings, below 39.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.8% in May from 19.3% a year earlier while REO closings as a percentage of existing home closings stayed level at 19.8%.