New home closings fell year-over-year in January in the Hinesville, GA market, declining after staying relatively stable in December from the year earlier. Closings stood at 11 in January after being 18 a year earlier and remaining unchanged at 16 in December from a year earlier.
A total of 172 new homes were sold during the 12 months that ended in January, down from 179 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 9.9% from 15.5% a year earlier. After remaining steady in December from a year earlier, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $176,300, down from last year's $196,036. This followed a 2.6% rise in December year-over-year.
Average mortgage size on new homes fell from $194,605 to $176,778. Average mortgage size rose 1.4% in December 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes fell from 2,470 square feet a year earlier to 1,343 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in January from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings represented 70.0% of existing home closings, up from 67.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 32.0% in January from 30.6% a year earlier while REO closings as a percentage of existing home closings climbed to 38.0% from 36.7%.