In April, closings of new homes in the Hinesville, GA market increased year-over-year, but the increase was less than March 2016. New home closings moved from 14 a year earlier to 15 after the figure moved from 12 in March 2015 to 29 in March 2016.
A total of 228 new homes were sold during the 12 months that ended in April, up from 227 for the year that ended in March.
New home closings were 15 out of 104 total closings, making up 14.4%. This is up on a percentage basis from 14 of 122 a year earlier. Following a year-over-year rise in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $213,120, an increase from $204,893 a year earlier. This came after a 10.0% rise in March year-over-year.
From the year-ago figure of $207,653, the average mortgage size on new homes moved up to $215,592. Average mortgage size on new homes went from $191,656 in March 2015 to $212,329 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 48.3% of existing home closings, below 59.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.9% in April from 29.6% a year earlier while REO closings as a percentage of existing home closings climbed to 31.5% from 29.6%.