New home closings slid year-over-year in June in the Hinesville, GA market, but the decline was less than the year-over-year decline in May. New home closings moved from 20 a year earlier to 13 after the figure moved from 21 in May 2015 to 13 in May 2016.
A total of 213 new homes were sold during the 12 months that ended in June, down from 220 for the year that ended in May.
Last year, 20 of 147 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 140 total closings. Following a year-over-year decline in May, closings of new and existing homes also dropped year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $182,738, compared with $214,500 last year. This was on the heels of a period of stability in May from a year earlier.
The average mortgage size went down to $203,682 from $218,386 a year earlier. Average mortgage size on new homes went from $197,959 in May 2015 to $201,373 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings declined in June from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 50.4% of closings, below 55.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 22.0% in June from 20.5% a year earlier while REO closings as a percentage of existing home closings dropped to 28.3% from 34.6% a year earlier.