There was a rise in new home closings in the Athens, GA market in May year-over-year, rising after a fall in April 2016. Closings gained 4.8% from a year earlier to 22. This was after the housing market saw a 4.2% fall year-over-year in April.
A total of 249 new homes were sold during the 12 months that ended in May, up from 248 for the year that ended in April.
New home closings represented 6.0% of overall housing closings. As a part of the whole, new home closings were 6.9% a year earlier. Closings of new and existing homes increased year-over-year in May following a decline in April year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price slid 3.5% year-over-year in May to $331,000 per unit. This decline follows a move from $268,338 per unit in April 2015 to $265,765 in April 2016.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. Average mortgage size fell 9.3% to $288,798 in May from a year earlier. Average mortgage size sank 9.0% in April 2016 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 May 2016. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes dropped 15.1% year-over-year to 3,286 square feet in May 2016. The average size of newly sold homes moved from 2,573 square feet in April 2015 to 1,561 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 8.5% of existing closings, lower than 11.0% a year earlier. The percentage of existing home closings involving foreclosures went from 3.9% in May 2015 to 3.2% in May 2016 and REO closings as a percentage of existing home closings sank to 5.3% from 7.1% a year earlier.