There was a rise in closings of new homes in the Brunswick, GA market in August year-over-year, but the increase was less than July 2015. New home closings moved from 9 a year earlier to 14 after the figure moved from 4 in July 2014 to 14 in July 2015.
A total of 126 new homes were sold during the 12 months that ended in August, up from 121 for the year that ended in July.
New home closings were 14 out of 238 total closings, making up 5.9%. This is up on a percentage basis from 9 of 203 a year earlier. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $300,207 from $252,489 a year ago. This followed a 38.5% gain in July year-over-year.
From the year-ago figure of $211,960, the average mortgage size on new homes moved up to $243,409. Average mortgage size on new homes went from $197,802 in July 2014 to $235,397 in July 2015.
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.
The average unit size of newly sold homes rose from 2,465 square feet a year earlier to 2,574 square feet.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 27.2% of existing closings, lower than 38.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.7% in August from 24.2% a year earlier while REO closings as a percentage of existing home closings rose to 16.5% from 13.9%.