Albany, GA - Local Housing Data - Summary

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Albany, GA Local News

New Home Sales Fall in Albany According to Newest Data

Posted on: Jul 06, 2014 07:00:23 AM

The Albany, GA market saw a drop in new home closings year-over-year in April, and the decline was by a larger percentage than the March 2014. New home closings moved from 3 a year earlier to none after the figure moved from 2 in March 2013 to 1 in March 2014.

New home closings represented none out of the 136 total closings, which is a smaller percentage than the 3 of 158 total closings a year earlier. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 42.6% of existing home closings, up from 41.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.9% in April from 17.4% a year earlier while REO closings as a percentage of existing home closings fell to 22.8% from 24.5% a year earlier.

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