There was an increase in closings of new homes in the Savannah, GA market in December year-over-year, moving up after a drop in November 2015. There was a 23.1% boost in new home closings from a year earlier. This came on the heels of a 37.3% fall year-over-year in November.
A total of 767 new homes were sold during the 12 months that ended in December, up from 755 for the year that ended in November.
Of 548 total closings, 64 were of new homes. This marks a rise from 9.5% of total closings a year earlier. Closings of new and existing homes stayed level after declining in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 17.5% rise year-over-year in the average price of newly sold homes, reaching $255,031 per unit. This bump compares to a 6.5% drop in November from a year earlier.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. It rose 19.3% in December from a year earlier to $235,469. In November 2015, average mortgage size on newly sold homes saw a 2.6% decline from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. The share of new home closings belonging to attached units grew from 1.9% of closings in December 2014 to 3.1% of closings in December 2015. Conversely, the share belonging to single-family homes sank to 96.9% of closings from 98.1% of closings.
There was a 14.9% drop year-over-year in the average unit size of newly sold homes to 1,917 square feet in December 2015. In November, the average size of new homes sold went from 2,449 square feet a year earlier to 2,031 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 25.4% of existing home closings, below 33.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.2% in December from 14.9% a year earlier while REO closings as a percentage of existing home closings sank to 14.3% from 18.1% a year earlier.