New home closings in the Valdosta, GA market declined year-over-year in April, falling after a rise in March 2016. New home closings moved from 19 a year earlier to 13 after the figure moved from 15 in March 2015 to 16 in March 2016.
A total of 202 new homes were sold during the 12 months that ended in April, down from 208 for the year that ended in March.
13 of the 133 total closings were new home closings, a shift on a percentage basis from 19 out of 209 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $179,546, down from last year's $186,895. This was on the heels of a 3.4% boost in March year-over-year.
The average mortgage size on new homes was $175,783, up from $171,753. Average mortgage size rose 3.3% in March 2016 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 April 2016.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 30.8% of existing home closings, down from 43.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.3% in April from 24.7% a year earlier and REO closings moved from 18.4% of existing home closings in April 2015 to 17.5% in April 2016.