New home closings declined year-over-year in March in the Brunswick, GA market, and the decline was by a larger percentage than the February 2016. New home closings moved from 11 a year earlier to 1 after the figure moved from 8 in February 2015 to 2 in February 2016.
A total of 90 new homes were sold during the 12 months that ended in March, down from 100 for the year that ended in February.
Last year, 11 of 214 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 380 total closings. For new and existing homes, closings rose year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $320,000 from last year's $291,573. This came after a 24.7% fall in February from a year earlier.
Average mortgage size on new homes went from $226,115 a year earlier to $303,000. Average mortgage size on new homes went from $197,045 in February 2015 to $185,360 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.6% of closings, below 25.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.7% in March from 6.9% a year earlier while REO closings as a percentage of existing home closings slid to 5.8% from 18.2% a year earlier.