In November, there was a drop year-over-year in new home closings in the Savannah, GA market, and the percentage fall, which was steeper than October 2015, gave signals that the market may be worsening. New home closings saw a 39.0% fall from a year earlier to 36. This followed a 25.0% fall year-over-year in October.
A total of 751 new homes were sold during the 12 months that ended in November, down from 774 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 8.4%. This is a drop 12.6% of closings a year earlier. Following a year-over-year rise in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 7.3% drop year-over-year in November to $208,996 per unit. This fall compares to a 14.2% lift in October year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. The average mortgage size sank to $204,303 in November, marking a 3.3% decline compared with last year. In October 2015, average mortgage size gained 8.2% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units rose from 1.7% of closings in November 2014 to 11.1% of closings in November 2015. Conversely, the share belonging to single-family homes dropped to 88.9% of closings from 98.3% of closings.
The average unit size of newly sold homes sank 17.1% year-over-year to 2,031 square feet in November 2015. In October, the average size of new homes sold went from 2,652 square feet a year earlier to 2,239 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 26.6% of existing home closings, below 33.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.2% in November from 19.0% a year earlier and REO closings moved from 14.8% of existing home closings in November 2014 to 14.5% in November 2015.