Closings of new homes fell year-over-year in June in the Macon, GA market, and the decline was by a larger percentage than the May 2016. New home closings moved from 12 a year earlier to 4 after the figure moved from 7 in May 2015 to 6 in May 2016.
A total of 60 new homes were sold during the 12 months that ended in June, down from 68 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.3% from 3.2% a year earlier. Following a year-over-year decline in May, closings of new and existing homes also slid year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $280,471, up from $223,100 a year earlier. This came after a 6.8% drop in May from a year earlier.
Average mortgage size on new homes increased to $251,922 from $190,468 last year. Average mortgage size on new homes went from $218,687 in May 2015 to $191,390 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings continued to rise in June from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 35.4% of existing home closings, up from 31.4% a year earlier. The percentage of existing home closings involving foreclosures went from 15.7% in June 2015 to 15.9% in June 2016 and REO closings as a percentage of existing home closings jumped to 19.5% from 15.7%.