New home closings in the Warner Robins, GA market were unchanged year-over-year in November, stabilizing after a decline in October from the year earlier. Closings remained steady from a year earlier at 28. In the year-earlier month, there was a 36.8% decline in new home closings.
A total of 435 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.
As a percentage of overall housing closings, new home closings represented 15.5%. This is down from the 17.0% of closings a year earlier. Following a decline in October year-over-year, closings of new and existing homes climbed year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $224,554 per unit in November, up 5.9%from a year earlier. This bump compares to a 3.5% drop in October from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. The average mortgage size declined to $201,840 in November, marking a 2.5% fall compared with last year. Average mortgage size slid 1.1% in October 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 November 2015. 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 10.2% year-over-year to 2,116 square feet in November 2015. In October, the average size of new homes sold went from 2,405 square feet a year earlier to 2,462 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 32.7% of existing home closings, below 43.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 15.7% in November from 24.1% a year earlier while REO closings as a percentage of existing home closings slid to 17.0% from 19.7% a year earlier.