In the Hinesville, GA market in September, closings of new homes fell year-over-year, but the decline was less than the year-over-year decline in August. New home closings moved from 17 a year earlier to 11 after the figure moved from 22 in August 2014 to 10 in August 2015.
A total of 152 new homes were sold during the 12 months that ended in September, down from 158 for the year that ended in August.
New home closings were 11 out of the 118 total closings, down on a percentage basis from 17 of 102 a year earlier. Following a drop in August year-over-year, closings of new and existing homes jumped year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes rose to $191,709 from last year's $180,388. This followed a move from $193,268 per unit in August 2014 to $193,620 in August 2015.
Average mortgage size on new homes went from $174,544 a year earlier to $195,072. Average mortgage size on new homes went from $192,365 in August 2014 to $197,236 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 46.7% of existing home closings, below 57.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 19.6% in September from 30.6% a year earlier while REO closings as a percentage of existing home closings stayed level at 27.1%.