Closings of new homes declined year-over-year in April in the Savannah, GA market, and the percentage drop was steeper than March 2016, suggesting the market may be worsening. Closings declined 50.5% from a year earlier to 46. This was after the housing market saw a 33.0% drop year-over-year in March.
A total of 1,016 new homes were sold during the 12 months that ended in April, down from 1,063 for the year that ended in March.
Out of all housing closings, new home closings made up 7.7%. This is down from the a year earlier when new home closings accounted for 13.0% of total closings. Closings of new and existing homes saw a drop year-over-year in April after remaining steady in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes slid year-over-year to $210,934 per unit, marking a 7.1% fall from the year-earlier figure. This decline is larger than the 3.0% drop in March from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined to $203,197 in April, a 5.3% drop. In March 2016, average mortgage size on newly sold homes saw a 1.4% surge year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units increased from 2.2% of closings in April 2015 to 6.5% of closings in April 2016. At the same time, the share belonging to single-family homes declined to 93.5% of closings from 97.8% of closings.
The average unit size of newly sold homes slid 43.2% year-over-year to 1,337 square feet in April 2016. In March, the average size of new homes sold went from 2,338 square feet a year earlier to 2,467 square feet.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 23.8% of existing home closings, up from 23.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.0% in April from 9.2% a year earlier while REO closings as a percentage of existing home closings fell to 11.8% from 13.9% a year earlier.