New home closings in the Columbus, GA market dropped year-over-year in July, but compared with June 2015, the percentage decline was less steep, suggesting that the market may be leveling out. There was a 11.5% drop in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 39.4% drop year-over-year in June.
A total of 247 new homes were sold during the 12 months that ended in July, down from 250 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 6.4% of overall housing closings. New home closings were 7.4% of overall closings last year. For new and existing homes, closings grew year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
In July, the average value of new homes saw a 7.5% bump year-over-year as it grew to $259,080 per unit. This hike compares to a 3.8% drop in June from a year earlier.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In July 2015, average mortgage size gained 13.8% from a year earlier to $258,737. In June 2015, average mortgage size on newly sold homes saw a 4.5% rise year-over-year 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 July 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 8.5% year-over-year to 2,356 square feet in July 2015. In June, the average size of new homes sold went from 2,889 square feet a year earlier to 1,458 square feet.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 35.8% of existing closings, lower than 41.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.8% in July from 15.6% a year earlier while REO closings as a percentage of existing home closings dropped to 16.0% from 25.4% a year earlier.