In the Warner Robins, GA market in April, closings of new homes dropped year-over-year, and the percentage decline, which was steeper than March 2016, gave suggestions of weakening market conditions. Closings sank 52.6% from a year earlier to 18. This came on the heels of a 17.8% drop year-over-year in March.
A total of 399 new homes were sold during the 12 months that ended in April, down from 419 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 6.7%. This is down from the 12.2% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes had a 2.6% fall year-over-year to $217,767 per unit in April. This decline compares to a 5.7% surge in March year-over-year.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. In April 2016, there was a 4.4% drop in the average mortgage size on new homes to $203,111. Average mortgage size went from $195,238 in March 2015 to $194,194 in March 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 April 2016. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
There was a 8.7% fall year-over-year in the average unit size of newly sold homes to 2,238 square feet in April 2016. In March, the average size of new homes sold went from 2,360 square feet a year earlier to 2,631 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings represented 38.6% of existing home closings, up from 33.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 22.3% in April from 13.9% a year earlier while REO closings as a percentage of existing home closings fell to 16.3% from 19.0% a year earlier.