New home closings in the Brunswick, GA market were unchanged year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in June 2014 to 1 in June 2015.
A total of 51 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings were 1 out of the 229 total closings, a move on a percentage basis from 1 of 184 a year earlier. Closings of new and existing homes gained year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $249,000, an increase from $190,000 a year earlier. This followed a 68.1% boost in June year-over-year.
Average mortgage size on new homes increased to $199,192 from $152,000 last year. Average mortgage size on new homes went from $145,510 in June 2014 to $224,091 in June 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 32.5% of closings, below 36.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 18.4% in July from 20.8% a year earlier while REO closings as a percentage of existing home closings fell to 14.0% from 15.3% a year earlier.