In February, closings of new homes in the Valdosta, GA market rose year-over-year, rebounding from a year-over-year decline in January 2016. New home closings moved from 18 a year earlier to 19 after the figure moved from 12 in January 2015 to 5 in January 2016.
A total of 207 new homes were sold during the 12 months that ended in February, up from 206 for the year that ended in January.
New home closings made up 12.8% of overall housing closings. A year earlier, new home closings made up 12.9% of total closings. Closings of new and existing homes grew year-over-year in February following a fall in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $195,516 in February, up 9.0% from last year. This boost compares to a 2.9% decline in January from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size climbed 11.6% to $182,619 in February from a year earlier. Average mortgage size on new homes went from $180,323 in January 2015 to $163,359 in January 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 February 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 38.5% of closings, below 42.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.5% in February from 19.0% a year earlier while REO closings as a percentage of existing home closings climbed to 30.0% from 23.1%.