In the Brunswick, GA market, closings of new homes slid year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 5 a year earlier to none after the figure moved from 16 in April 2015 to 1 in April 2016.
Last year, 5 of 233 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 208 total closings. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 18.3% of existing home closings, below 37.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.8% in May from 14.5% a year earlier while REO closings as a percentage of existing home closings slid to 12.5% from 23.2% a year earlier.