In the Warner Robins, GA market, new home closings sank year-over-year in July, a downhill move after a boost in June 2016. There was a 34.9% fall in new home closings from a year earlier. This came after a 24.2% rise year-over-year in June.
A total of 384 new homes were sold during the 12 months that ended in July, down from 399 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 8.6%. This is down from the 11.8% of closings a year earlier. Following a year-over-year rise in June, closings of new and existing homes fell year-over-year in July.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 16.8% year-over-year in July to $258,446 per unit. This boost is an improvement over the 7.9% rise in June year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. Average mortgage size grew 8.4% to $233,946 in July from a year earlier. In June 2016, average mortgage size on newly sold homes saw a 6.7% lift 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 July 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 62.4% surge year-over-year in the average unit size of newly sold homes to 3,994 square feet in July 2016. An increase was also seen in June 2016 when the average size of new homes sold gained 11.2% to 2,587 square feet. In June, the average size of new homes sold went from 2,326 square feet a year earlier to 2,587 square feet.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 25.8% of existing home closings, below 34.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.4% in July from 15.8% a year earlier while REO closings as a percentage of existing home closings slid to 16.4% from 18.3% a year earlier.