New home closings dropped year-over-year in March in the Macon, GA market, and the decline was by a larger percentage than the February 2016. New home closings moved from 13 a year earlier to 7 after the figure moved from 5 in February 2015 to 3 in February 2016.
A total of 71 new homes were sold during the 12 months that ended in March, down from 77 for the year that ended in February.
Last year, 13 of 286 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 230 total closings. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $248,837, up from $180,605 a year earlier. This was on the heels of a 7.9% bump in February year-over-year.
The average mortgage size on new homes was $243,773, up from $178,974. Average mortgage size on new homes went from $180,340 in February 2015 to $231,532 in February 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 March 2016.
The average unit size of newly sold homes went from 2,586 square feet in March 2015 to 2,583 square feet in March 2016.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 37.7% of existing home closings, down from 46.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.6% in March from 19.4% a year earlier while REO closings as a percentage of existing home closings sank to 21.1% from 27.5% a year earlier.