Closings of new homes in the Hinesville, GA market declined year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 31 a year earlier to 15 after the figure moved from 20 in June 2015 to 13 in June 2016.
A total of 197 new homes were sold during the 12 months that ended in July, down from 213 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 12.4%. This is a fall 18.5% of closings a year earlier. Following a year-over-year decline in June, closings of new and existing homes also sank year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes fell by 7.0% year-over-year to $189,540 per unit in July. This fall is a drop off from the 14.8% decline in June from a year earlier.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. In July 2016, there was a 6.7% drop in the average mortgage size on new homes to $191,825. Average mortgage size on new homes went from $218,386 in June 2015 to $203,682 in June 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 July 2016. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size gained 7.1% year-over-year to 2,295 square feet in July 2016.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 41.5% of existing closings, lower than 61.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 17.0% in July from 21.2% a year earlier while REO closings as a percentage of existing home closings declined to 24.5% from 40.1% a year earlier.