In the Warner Robins, GA market in February, new home closings declined year-over-year, sliding down after a lift in January 2016. There was a 13.5% decline in new home closings from a year earlier. This came after a 46.7% boost year-over-year in January.
A total of 428 new homes were sold during the 12 months that ended in February, down from 433 for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 14.9% of closings, relatively stable from a year earlier. Following a year-over-year decline in January, closings of new and existing homes also sank year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes gained 1.6% year-over-year to $212,891 per unit. This bump compares to a 8.3% decline in January from a year earlier.
In February 2016, average mortgage size on newly sold homes moved from $204,041 to $203,272 from February 2015. In January 2016, average mortgage size on newly sold homes saw a 4.6% fall 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 February 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size slid 6.1% year-over-year to 2,444 square feet in February 2016. In January, the average size of new homes sold went from 2,761 square feet a year earlier to 3,000 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 30.1% of closings, below 37.3% a year earlier. The percentage of existing home closings involving foreclosures went from 11.3% in February 2015 to 10.4% in February 2016 and REO closings as a percentage of existing home closings fell to 19.7% from 25.9% a year earlier.