New home closings in the Brunswick, GA market dropped year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 10 a year earlier to 3 after the figure moved from 11 in October 2014 to 8 in October 2015.
A total of 116 new homes were sold during the 12 months that ended in November, down from 123 for the year that ended in October.
New home closings represented 3 out of the 142 total closings, which is a smaller percentage than the 10 of 159 total closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also dropped year-over-year in November.
Pricing and Mortgage Trends
The average per-unit price of new homes was $215,300, compared with $265,680 last year. This came after a 48.7% surge in October year-over-year.
There was a decline in average mortgage size on new homes, going from $231,428 last year to $209,000 in November 2015. Average mortgage size on new homes went from $259,592 in October 2014 to $324,570 in October 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 November from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 26.6% of existing home closings, below 28.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 13.7% in November from 15.4% a year earlier and REO closings moved from 12.8% of existing home closings in November 2014 to 12.9% in November 2015.