In the Savannah, GA market, closings of new homes dropped year-over-year in July, but compared with June 2015, the percentage drop was less steep, hinting the market may be strengthening. There was a 21.9% drop in new home closings from a year earlier. This came after a 38.6% fall year-over-year in June.
A total of 627 new homes were sold during the 12 months that ended in July, down from 643 for the year that ended in June.
New home closings represented 8.1% of overall housing closings. This is a decline 12.9% of closings a year earlier. Closings of new and existing homes rose year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $233,271 per unit in July, up 6.2%from a year earlier. This hike is better than the 6.0% boost in June year-over-year.
For newly sold homes, average mortgage size moved from $205,396 in July 2014 to $203,367 in July 2015. Average mortgage size increased 10.2% in June 2015 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. Attached unit closings climbed from no part of all closings in July 2014 to 1.8% of closings in July 2015. Conversely, the share belonging to single-family homes fell to 98.2% of closings from all of closings.
The average unit size of newly sold homes sank 14.0% year-over-year to 2,406 square feet in July 2015. The average size of newly sold homes moved from 2,545 square feet in June 2014 to 2,566 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 20.9% of existing home closings, below 25.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.9% in July from 11.0% a year earlier and REO closings moved from 14.5% of existing home closings in July 2014 to 14.0% in July 2015.