Closings of new homes in the Hinesville, GA market saw no change year-over-year in December, staying flat after dropping year-over-year in November from the year earlier. Closings remained level at 16 from a year earlier after the figure moved from 15 in November 2014 to 8 in November 2015.
A total of 179 new homes were sold during the 12 months that ended in December, equal to the number of new homes sold for the year that ended in November.
Of the total number of closings, new home closings made up 12.4%. A year earlier, new home closings represented 12.2% of total closings. For new and existing homes, closings fell in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $195,138 in December, up 2.6% from last year. This gain compares to a 7.3% drop in November from a year earlier.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. In December 2015, there was a 1.4% lift in the average mortgage size, reaching $193,407. Average mortgage size on new homes went from $213,729 in November 2014 to $186,649 in November 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 December 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size climbed 2.3% year-over-year to 2,372 square feet in December 2015.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 52.2% of existing home closings, down from 58.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.4% in December from 24.3% a year earlier while REO closings as a percentage of existing home closings increased to 39.8% from 33.9%.