The Hinesville, GA market saw a drop in new home closings year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 22 a year earlier to 10 after the figure moved from 24 in July 2014 to 20 in July 2015.
A total of 157 new homes were sold during the 12 months that ended in August, down from 169 for the year that ended in July.
New home closings were 10 out of the 113 total closings, down on a percentage basis from 22 of 124 a year earlier. After rising year-over-year in July, closings of new and existing homes fell year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $193,620, a move from $193,268 a year earlier. This came after a 5.6% rise in July year-over-year.
Average mortgage size on new homes rose from $192,365 to $197,236. In July 2015, average mortgage size on newly sold homes saw a 2.2% bump 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 August 2015.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 49.5% of existing home closings, down from 52.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.5% in August from 19.6% a year earlier and REO closings moved from 33.3% of existing home closings in August 2014 to 33.0% in August 2015.