In the Augusta, GA market, new home closings slid year-over-year in September, but the percentage decline was not as steep as August 2015, suggesting that the market may be stabilizing. New home closings saw a 51.9% fall from a year earlier to 62. This came after a 55.2% decline year-over-year in August.
A total of 1,196 new homes were sold during the 12 months that ended in September, down from 1,263 for the year that ended in August.
New home closings accounted for 6.8% of overall housing closings. This is down from the 16.4% of closings a year earlier. Following a decline in August year-over-year, closings of new and existing homes increased year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.8% gain year-over-year to $240,691 per unit in September. This hike is smaller than the 15.5% surge in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $228,052 in September, marking a 9.0% lift compared with a year earlier. In August 2015, average mortgage size increased 16.0% 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 September 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size fell 20.2% year-over-year to 1,908 square feet in September 2015. This decline was opposite the price lift, a pattern also seen in August 2015 when the average size of newly sold homes declined 19.4% to 2,073 square feet. The average size of newly sold homes moved from 2,572 square feet in August 2014 to 2,073 square feet in August 2015.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 27.1% of existing home closings, below 37.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.2% in September from 21.4% a year earlier while REO closings as a percentage of existing home closings slid to 12.0% from 15.8% a year earlier.