In the Macon, GA market in October, closings of new homes declined year-over-year, and the decline was by a larger percentage than the September 2015. New home closings moved from 5 a year earlier to 2 after the figure moved from 9 in September 2014 to 5 in September 2015.
A total of 71 new homes were sold during the 12 months that ended in October, down from 74 for the year that ended in September.
New home closings were 2 out of the 270 total closings, down on a percentage basis from 5 of 263 a year earlier. Following a year-over-year increase in September, closings of new and existing homes also increased year-over-year in October.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $209,500 from $198,207 a year ago. This came after a 15.2% boost in September year-over-year.
Average mortgage size on new homes rose from $140,600 to $204,775. Average mortgage size on new homes went from $216,199 in September 2014 to $195,647 in September 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in October 2015.
Foreclosures and real estate owned (REO) closings declined in October from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 44.8% of closings, below 53.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 25.4% in October from 30.6% a year earlier while REO closings as a percentage of existing home closings fell to 19.4% from 22.9% a year earlier.