New home closings declined year-over-year in December in the Macon, GA market, dropping after a year-over-year increase in November 2015. New home closings moved from 8 a year earlier to 6 after the figure moved from 5 in November 2014 to 7 in November 2015.
A total of 78 new homes were sold during the 12 months that ended in December, down from 80 for the year that ended in November.
6 of the 249 total closings were new home closings, a shift on a percentage basis from 8 out of 261 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also fell year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $355,583, up from $222,425 a year earlier. This was on the heels of a move from $231,580 per unit to $232,643 from November 2014 to November 2015.
Average mortgage size on new homes increased to $316,148 from $202,724 last year. Average mortgage size on new homes went from $234,707 in November 2014 to $243,715 in November 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 December 2015.
The average unit size of newly sold homes rose from 2,664 square feet a year earlier to 4,449 square feet.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 39.1% of existing home closings, down from 48.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 18.1% in December from 24.9% a year earlier while REO closings as a percentage of existing home closings dropped to 21.0% from 23.7% a year earlier.