New Home Closings in Hinesville Rise, Prices Fall According to Newest Figures
Posted on: Mar 06, 2014 07:18:19 AM
The Hinesville, GA market saw a rise in new home closings in December year-over-year, an upward turn from a fall in November 2013. Closings gained more than twofold from a year earlier to 36. This came on the heels of a 4.3% drop year-over-year in November.
A total of 252 new homes were sold during the 12 months that ended in December, up from 231 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 36.4%. This is a hike from 19.0% of closings a year earlier. Following a fall in November year-over-year, closings of new and existing homes jumped year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes declined 4.5% year-over-year in December to $182,133 per unit. This drop is a drop off from the 26.5% fall in November from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. The average mortgage size dropped to $180,270 in December, marking a 7.1% fall compared with last year. Average mortgage size gained 10.9% in November 2013 from a year earlier.