Closings of new homes slid year-over-year in August in the Valdosta, GA market, dropping after a year-over-year increase in July 2015. New home closings moved from 9 a year earlier to 6 after the figure moved from 8 in July 2014 to 22 in July 2015.
A total of 158 new homes were sold during the 12 months that ended in August, down from 161 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 2.9% from 5.4% a year earlier. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $196,117, up from $187,394 a year earlier. This came after a 19.1% lift in July year-over-year.
The average mortgage size on new homes was $195,300, up from $179,937. Average mortgage size on new homes went from $182,371 in July 2014 to $176,302 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to increase in August from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 39.7% of existing home closings, higher than 36.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 21.6% in August from 22.9% a year earlier while REO closings as a percentage of existing home closings climbed to 18.1% from 14.0%.