In the Hinesville, GA market in July, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 24 a year earlier to 20 after the figure moved from 25 in June 2014 to 14 in June 2015.
A total of 167 new homes were sold during the 12 months that ended in July, down from 171 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 12.7%. This is down from the 22.2% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also climbed year-over-year in July.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 5.6% year-over-year in July to $192,600 per unit. This rise is an improvement over the 4.9% hike in June year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size saw a 2.2% rise year-over-year to $196,103 in July. Average mortgage size on new homes went from $201,241 in June 2014 to $209,622 in June 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 July 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes dropped 12.6% year-over-year to 1,962 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to rise in July from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 62.0% of existing home closings, up from 53.6% a year earlier. The percentage of existing home closings involving foreclosures went from 20.2% in July 2014 to 20.4% in July 2015 and REO closings as a percentage of existing home closings climbed to 41.6% from 33.3%.