New home closings in the Brunswick, GA market sank year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 8 a year earlier to 4 after the figure moved from 13 in December 2014 to 6 in December 2015.

A total of 106 new homes were sold during the 12 months that ended in January, down from 110 for the year that ended in December.

New home closings were 5.5% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 4 of the 141 total closings. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $252,500, compared with $283,638 last year. This came after a 32.4% gain in December year-over-year.

Average mortgage size on new homes increased to $233,760 from $207,329 last year. Average mortgage size on new homes went from $324,466 in December 2014 to $213,000 in December 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 declined in January from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 29.9% of existing home closings, down from 34.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.3% in January from 18.1% a year earlier while REO closings as a percentage of existing home closings declined to 14.6% from 15.9% a year earlier.

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