Closings of new homes in the Columbus, GA market fell year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 31 a year earlier to 27 after the figure moved from 17 in November 2014 to 14 in November 2015.
A total of 234 new homes were sold during the 12 months that ended in December, down from 238 for the year that ended in November.
New home closings accounted for 8.4% of overall housing closings. As a part of the whole, new home closings were 8.8% a year earlier. Following a year-over-year decline in November, closings of new and existing homes also slid year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.8% surge year-over-year in December to $274,770 per unit. This lift is smaller than the 14.1% gain in November year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. It grew 2.5% in December from a year earlier to $255,338. Average mortgage size on new homes went from $266,675 in November 2014 to $249,623 in November 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 December 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size sank 16.3% year-over-year to 2,434 square feet in December 2015. In November, the average size of new homes sold went from 2,906 square feet a year earlier to 3,849 square feet.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 39.6% of existing home closings, down from 44.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 18.1% in December from 23.4% a year earlier and REO closings moved from 20.9% of existing home closings in December 2014 to 21.5% in December 2015.