Closings of new homes in the Brunswick, GA market fell year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 8 a year earlier to 2 after the figure moved from 8 in January 2015 to 4 in January 2016.
A total of 100 new homes were sold during the 12 months that ended in February, down from 106 for the year that ended in January.
New home closings were 5.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 163 total closings. Following a drop in January year-over-year, closings of new and existing homes gained year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $200,400, down from last year's $266,008. This was on the heels of a 11.0% fall in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $197,045 last year to $185,360 in February 2016. Average mortgage size on new homes went from $207,329 in January 2015 to $233,760 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,012 square feet a year earlier to 1,772 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 30.4% of closings, below 37.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.5% in February from 20.3% a year earlier while REO closings as a percentage of existing home closings fell to 14.9% from 16.9% a year earlier.