In the Valdosta, GA market in September, closings of new homes dropped year-over-year, but the decline was less than the year-over-year decline in August. New home closings moved from 16 a year earlier to 14 after the figure moved from 10 in August 2014 to 6 in August 2015.
A total of 166 new homes were sold during the 12 months that ended in September, down from 168 for the year that ended in August.
New home closings were 9.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 14 of the 203 total closings. Closings of new and existing homes gained year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average new home value went from $179,106 last year to $192,475. This followed a 7.2% hike in August year-over-year.
Average mortgage size on new homes rose from $174,519 to $185,191. Average mortgage size on new homes went from $176,525 in August 2014 to $195,300 in August 2015.
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.
The average unit size of newly sold homes rose from 1,673 square feet a year earlier to 1,849 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in September from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings made up 45.0% of existing home closings, above 39.7% a year earlier. The percentage of existing home closings involving foreclosures went from 19.2% in September 2014 to 19.0% in September 2015 and REO closings as a percentage of existing home closings jumped to 25.9% from 20.5%.