In March, there was a decline year-over-year in new home closings in the Augusta, GA market, and the percentage drop was steeper than February 2016, suggesting the market may be worsening. Closings declined 36.4% from a year earlier to 105. This came after a 17.5% fall year-over-year in February.
A total of 1,447 new homes were sold during the 12 months that ended in March, down from 1,507 for the year that ended in February.
Out of all housing closings, new home closings accounted for 11.0%. This is a decline 17.0% of closings a year earlier. Following a year-over-year increase in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 2.4% surge year-over-year in March to $235,457 per unit. This hike is smaller than the 16.2% boost in February year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. Average mortgage size grew 3.7% to $225,892 in March from a year earlier. In February 2016, average mortgage size on newly sold homes saw a 15.1% gain year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes rose from 98.8% in March 2015 to all of closings in March 2016. Conversely, the share of new home closings belonging to attached units slid to no part of closings from 1.2% of closings.
There was a 2.7% hike year-over-year in the average unit size of newly sold homes to 2,740 square feet in March 2016. In February, the average size of new homes sold went from 2,483 square feet a year earlier to 1,864 square feet.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 32.7% of closings, below 34.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.7% in March from 16.3% a year earlier while REO closings as a percentage of existing home closings grew to 20.0% from 18.5%.