In July, the Brunswick, GA market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the June 2016. New home closings moved from 14 a year earlier to 6 after the figure moved from 9 in June 2015 to 4 in June 2016.
Last year, 14 of 249 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 288 total closings. Following a fall in June year-over-year, closings of new and existing homes rose year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $255,650, down from last year's $290,485. This followed a 13.7% bump in June year-over-year.
The average mortgage size moved to $225,578, down from last year's $235,397. Average mortgage size on new homes went from $200,581 in June 2015 to $228,346 in June 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 2,238 square feet a year earlier to 2,004 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings made up 48.2% of existing home closings, above 31.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 39.0% in July from 18.3% a year earlier while REO closings as a percentage of existing home closings declined to 9.2% from 13.2% a year earlier.