New home closings in the Savannah, GA market fell year-over-year in March, a shift downward off a lift in February 2016. New home closings saw a decline of 12.3% from the year earlier to 57. In comparison, new home closings in the same month last year saw a 14.8% hike year-over-year in February.
A total of 754 new homes were sold during the 12 months that ended in March, down from 762 for the year that ended in February.
As a percentage of overall housing closings, new home closings accounted for 8.3%. This is down from the 9.9% of closings a year earlier. Following a year-over-year increase in February, closings of new and existing homes also grew year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 1.6% in March to $220,086 per unit. This hike is smaller than the 3.6% lift in February year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. In March 2016, the average mortgage size on newly sold homes saw a 3.4% gain from a year earlier. In February 2016, average mortgage size climbed 4.9% 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. Attached unit closings grew from 1.5% of all closings in March 2015 to 3.5% of closings in March 2016. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 96.5% of closings from 98.5% of closings.
There was a move in the average unit size of newly sold homes from 2,314 square feet in March 2015 to 2,291 square feet in March 2016. In February, the average size of new homes sold went from 2,417 square feet a year earlier to 1,627 square feet. In February 2016, the average size of newly sold homes dropped 32.7% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 24.9% of existing home closings, down from 25.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.2% in March from 12.3% a year earlier while REO closings as a percentage of existing home closings climbed to 14.7% from 13.3%.