In the Savannah, GA market in December, new home closings rose year-over-year, but there were signs the market may be leveling out with a percentage boost shallower than November 2013. Closings increased 20.6% from a year earlier to 76. In comparison, new home closings in the same month last year saw a 58.7% rise year-over-year in November.
A total of 883 new homes were sold during the 12 months that ended in December, up from 870 for the year that ended in November.
Of 490 total closings, 76 were of new homes. This is an increase on a percentage basis, as new home closings were 12.0% of total closings a year ago. Following a year-over-year increase in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 6.2% hike year-over-year in December to $226,005 per unit. This gain is smaller than the 6.6% surge in November year-over-year.
Average mortgage size on new homes remained steady year-over-year in December, staying at $205,099. In November 2013, average mortgage size on newly sold homes saw a 5.9% boost year-over-year 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 gained from 1.6% of closings in December 2012 to 2.6% of closings in December 2013. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 97.4% of closings from 98.4% of closings.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 30.2% of existing closings, lower than 53.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.1% in December from 23.7% a year earlier while REO closings as a percentage of existing home closings sank to 19.1% from 30.2% a year earlier.
Learn more about markets featured in this article: Savannah, GA.