In December, the Warner Robins, GA market saw a drop year-over-year in new home closings, signifying a decline after little movement in November from the year earlier. New home closings saw a fall of 20.5% from a year earlier to 35. Closings were level in November from the year earlier.
A total of 426 new homes were sold during the 12 months that ended in December, down from 435 for the year that ended in November.
New home closings accounted for 13.9% of overall housing closings. This is a fall 15.0% of closings a year earlier. Following a year-over-year rise in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
In December, the average price of newly sold homes rose year-over-year to $228,146 per unit, a 4.2% lift. This bump is smaller than the 5.9% rise in November year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. In December 2015, the average mortgage size was $221,912, a 7.0% bump from a year earlier. In November 2015, average mortgage size slid 2.5% 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 December 2015. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes grew 43.6% year-over-year to 3,303 square feet in December 2015. In November, the average size of new homes sold went from 2,357 square feet a year earlier to 2,116 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 31.5% of existing home closings, below 61.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.4% in December from 16.9% a year earlier while REO closings as a percentage of existing home closings sank to 17.1% from 44.2% a year earlier.