Closings of new homes dropped year-over-year in November in the Hinesville, GA market, and the decline was by a larger percentage than the October 2015. New home closings moved from 15 a year earlier to 8 after the figure moved from 23 in October 2014 to 13 in October 2015.
A total of 179 new homes were sold during the 12 months that ended in November, down from 186 for the year that ended in October.
Last year, 15 of 111 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 104 total closings. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $194,975, down from $210,347 a year earlier. This was on the heels of a 7.8% fall in October from a year earlier.
There was a decline in average mortgage size on new homes, going from $213,729 last year to $186,649 in November 2015. Average mortgage size on new homes went from $188,933 in October 2014 to $180,655 in October 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 November 2015.
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 66.7% of existing home closings, above 63.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 36.5% in November from 34.4% a year earlier while REO closings as a percentage of existing home closings gained to 30.2% from 29.2%.