In the Hinesville, GA market, new home closings rose year-over-year in March, rebounding from a year-over-year decline in February 2016. New home closings moved from 12 a year earlier to 29 after the figure moved from 17 in February 2015 to 10 in February 2016.
A total of 227 new homes were sold during the 12 months that ended in March, up from 210 for the year that ended in February.
New home closings were 29 out of 144 total closings, making up 20.1%. This is up on a percentage basis from 12 of 109 a year earlier. Closings of new and existing homes gained year-over-year in March following a drop in February year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $209,586 from $190,550 a year ago. This followed a 1.9% fall in February from a year earlier.
From the year-ago figure of $191,656, the average mortgage size on new homes moved up to $212,329. Average mortgage size on new homes went from $195,905 in February 2015 to $199,722 in February 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 March 2016.
The average unit size of newly sold homes rose from 2,254 square feet a year earlier to 3,080 square feet.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 42.6% of existing home closings, down from 64.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 15.7% in March from 20.6% a year earlier while REO closings as a percentage of existing home closings declined to 27.0% from 44.3% a year earlier.