The Warner Robins, GA market saw a rise in new home closings in January year-over-year, swinging upward off a fall in December 2015. There was a 33.3% boost in new home closings from a year earlier. This followed a 20.5% decline year-over-year in December.
A total of 431 new homes were sold during the 12 months that ended in January, up from 426 for the year that ended in December.
New home closings accounted for 10.9% of overall housing closings. This marks a rise from 7.1% of total closings a year earlier. Closings of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
In January, there was a 6.7% decline year-over-year in the average per-unit price of newly sold homes, settling at $228,310. This fall compares to a 4.2% bump in December year-over-year.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. In January 2016, average mortgage size fell 3.1% from a year earlier to $222,315. In December 2015, average mortgage size on newly sold homes saw a 7.0% boost year-over-year 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 January 2016. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size climbed 8.7% year-over-year to 3,000 square feet in January 2016. In December, the average size of new homes sold went from 2,300 square feet a year earlier to 3,303 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 33.5% of existing home closings, below 41.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.5% in January from 20.3% a year earlier while REO closings as a percentage of existing home closings dropped to 17.1% from 20.8% a year earlier.