Closings of new homes in the Brunswick, GA market remained unchanged year-over-year in September, remaining relatively stable after moving north year-over-year in August from the year earlier. Closings remained level at 8 from a year earlier after the figure moved from 9 in August 2014 to 14 in August 2015.
A total of 127 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
New home closings were 8 out of the 180 total closings, a move on a percentage basis from 8 of 162 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also gained year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes rose to $331,986 from last year's $281,013. This came after a 18.9% rise in August year-over-year.
Average mortgage size on new homes rose from $186,684 to $246,287. Average mortgage size on new homes went from $211,960 in August 2014 to $243,409 in August 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 27.3% of closings, below 33.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.0% in September from 18.2% a year earlier while REO closings as a percentage of existing home closings declined to 13.4% from 15.6% a year earlier.