In the Hinesville, GA market in September, closings of new homes dropped 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 16.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 11 of the 118 total closings. Closings of new and existing homes grew year-over-year in September following a fall in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $191,709 from last year's $180,388. This came after a move from $193,268 per unit to $193,620 from August 2014 to August 2015.
The average mortgage size on new homes was $195,072, up from $174,544. 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 decreased in September from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 46.7% of closings, below 57.6% a year earlier. The percentage of existing home closings involving foreclosures sank 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%.