There was a rise in closings of new homes in the Columbus, GA market in January year-over-year, rebounding from a year-over-year decline in December 2015. New home closings moved from 12 a year earlier to 13 after the figure moved from 31 in December 2014 to 27 in December 2015.
A total of 235 new homes were sold during the 12 months that ended in January, up from 234 for the year that ended in December.
13 of the 269 total closings were new home closings, a shift on a percentage basis from 12 out of 292 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also slid year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $233,983, down from last year's $265,268. This came after a 4.8% surge in December year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $254,863 to $224,092. In December 2015, average mortgage size gained 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 January 2016.
The average unit size of newly sold homes fell from 3,410 square feet a year earlier to 2,175 square feet.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 46.1% of closings, below 53.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 23.4% in January from 29.6% a year earlier while REO closings as a percentage of existing home closings fell to 22.7% from 24.3% a year earlier.