In the Hinesville, GA market in February, closings of new homes declined year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 15 a year earlier to 8 after the figure moved from 18 in January 2015 to 11 in January 2016.
A total of 165 new homes were sold during the 12 months that ended in February, down from 172 for the year that ended in January.
New home closings were 13.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 8 of the 105 total closings. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $190,938, down from last year's $195,055. This was on the heels of a 10.1% decline in January from a year earlier.
Average mortgage size on new homes moved from $195,685 to $194,413. Average mortgage size on new homes went from $194,605 in January 2015 to $176,778 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 55.7% of existing closings, lower than 73.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.5% in February from 23.5% a year earlier while REO closings as a percentage of existing home closings dropped to 40.2% from half a year earlier.