In the Brunswick, GA market in April, closings of new homes declined year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 16 a year earlier to 1 after the figure moved from 11 in March 2015 to 1 in March 2016.
A total of 75 new homes were sold during the 12 months that ended in April, down from 90 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 0.5% from 7.2% a year earlier. After rising year-over-year in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $274,931 last year to $332,100. This was on the heels of a 9.7% gain in March year-over-year.
Average mortgage size on new homes rose from $199,382 to $265,600. Average mortgage size on new homes went from $226,115 in March 2015 to $303,000 in March 2016.
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 continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 24.2% of existing home closings, below 32.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.4% in April from 17.4% a year earlier while REO closings as a percentage of existing home closings declined to 12.8% from 15.5% a year earlier.