Latest Numbers Indicate New Home Closings and Prices Fall in Hinesville
Posted on: May 06, 2013 07:15:47 AM
Closings of new homes slid year-over-year in February in the Hinesville, GA market, and the decline was by a larger percentage than the January 2013. New home closings moved from 20 a year earlier to five after the figure moved from 18 in January 2012 to 13 in January 2013.
A total of 272 new homes were sold during the 12 months that ended in February, down from 287 for the year that ended in January.
Last year, 20 of 67 total closings were new homes, and this percentage saw a decline as new home closings this year made up five of the 64 total closings. For new and existing homes, closings fell in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2013 was $175,900, down from last year's $183,950. This followed a 19.1% fall in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $187,335 last year to $184,561 in February 2013. Average mortgage size on new homes went from $184,327 in January 2012 to $164,888 in January 2013.