In the Hinesville, GA market in May, new home closings declined year-over-year, a decline following a rise in April 2016. New home closings moved from 21 a year earlier to 13 after the figure moved from 14 in April 2015 to 15 in April 2016.
A total of 220 new homes were sold during the 12 months that ended in May, down from 228 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 10.2% from 14.6% a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $198,108 in May 2016, unchanged from a year ago. This came after a 4.0% lift in April year-over-year.
Average mortgage size on new homes rose from $197,959 to $201,373. Average mortgage size on new homes went from $207,653 in April 2015 to $215,592 in April 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 May 2016.
Foreclosures and real estate owned (REO) closings declined in May from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 47.8% of existing closings, lower than 64.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 23.5% in May from 33.3% a year earlier while REO closings as a percentage of existing home closings slid to 24.3% from 30.9% a year earlier.