In the Brunswick, GA market in June, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in May. New home closings moved from 9 a year earlier to 4 after the figure moved from 5 in May 2015 to none in May 2016.
New home closings represented 4 out of the 218 total closings, which is a smaller percentage than the 9 of 277 total closings a year earlier. For new and existing homes, closings slid in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $280,625, up from $246,911 a year earlier. This was on the heels of a.
Average mortgage size on new homes increased to $228,346 from $200,581 last year.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,772 square feet a year earlier to 1,879 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 16.4% of existing home closings, down from 25.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.2% in June from 14.9% a year earlier while REO closings as a percentage of existing home closings increased to 12.1% from 10.8%.