Closings of new homes in the Macon, GA market saw no change year-over-year in August, staying level after a year-over-year increase in July from a year earlier. Closings remained level at 5 from a year earlier after the figure moved from 3 in July 2014 to 5 in July 2015.
A total of 79 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
5 of the 290 total closings were new home closings, a shift on a percentage basis from 5 out of 319 a year earlier. Following a year-over-year increase in July, closings of new and existing homes dropped year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $245,960, a move from $244,120 a year earlier. This came after a 43.0% lift in July year-over-year.
Average mortgage size on new homes fell from $261,752 to $240,647. Average mortgage size on new homes went from $164,577 in July 2014 to $234,202 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 30.2% of existing home closings, down from 53.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.7% in August from 36.0% a year earlier while REO closings as a percentage of existing home closings fell to 16.5% from 17.5% a year earlier.