Closings of new homes in the Athens, GA market remained unchanged year-over-year in August, stabilizing after a surge in July from the year earlier. New home closings stayed level from a year earlier at 17. There was a boost of 9.5% in new home closings in the same month last year.
A total of 197 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
Of the total number of closings, new home closings made up 5.8%. A year ago, new home closings made up 6.4%. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 16.8% gain year-over-year in August to $379,553 per unit. This lift compares to a 10.8% fall in July from a year earlier.
Average mortgage size on new homes grew year-over-year along with new home prices. It rose to $298,739 in August, a 2.9% lift. Average mortgage size slid 7.2% in July 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 August 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
There was a 29.7% fall year-over-year in the average unit size of newly sold homes to 2,644 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 14.5% of closings, below 25.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.8% in August from 16.1% a year earlier and REO closings moved from 9.7% of existing home closings in August 2014 to 8.7% in August 2015.