Closings of new homes rose year-over-year in February in the Savannah, GA market, recovering from a decline in January 2016. There was a 14.8% hike in new home closings from a year earlier. This was after the housing market saw a 46.4% fall year-over-year in January.
A total of 762 new homes were sold during the 12 months that ended in February, up from 754 for the year that ended in January.
Of the total number of closings, new home closings made up 11.3%. New home closings were 10.7% of overall closings last year. After dropping in January from a year earlier, closings of new and existing homes gained year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 3.6% hike year-over-year in the average price of newly sold homes, reaching $238,287 per unit. This lift compares to a 2.0% decline in January from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In February 2016, the average mortgage size on newly sold homes saw a 4.9% hike from a year earlier. Average mortgage size climbed 4.5% in January 2016 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. The share of new home closings belonging to attached units rose from 3.7% of closings in February 2015 to 8.1% of closings in February 2016. At the same time, the share belonging to single-family homes declined to 91.9% of closings from 96.3% of closings.
For all new homes sold, the average unit size slid 32.7% year-over-year to 1,627 square feet in February 2016. The average size of newly sold homes moved from 2,535 square feet in January 2015 to 1,913 square feet in January 2016.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 29.3% of existing home closings, down from 30.4% a year earlier. The percentage of existing home closings involving foreclosures went from 13.3% in February 2015 to 12.6% in February 2016 and REO closings moved from 17.1% of existing home closings in February 2015 to 16.7% in February 2016.