In the Brunswick, GA market in December, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 13 a year earlier to 6 after the figure moved from 10 in November 2014 to 3 in November 2015.
A total of 110 new homes were sold during the 12 months that ended in December, down from 117 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 3.6% from 6.0% a year earlier. Closings of new and existing homes dropped year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $360,976 last year to $478,083. This was on the heels of a 19.0% decline in November from a year earlier.
The average mortgage size moved to $213,000, down from last year's $324,466. Average mortgage size on new homes went from $231,428 in November 2014 to $209,000 in November 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.
The average unit size of newly sold homes fell from 2,240 square feet a year earlier to 1,335 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 21.5% of existing home closings, down from 39.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.7% in December from 17.2% a year earlier while REO closings as a percentage of existing home closings fell to 14.7% from 22.7% a year earlier.