Prices of New Homes Rise in Hinesville, Sales Decrease According to Latest Data
Posted on: Nov 12, 2013 07:19:53 AM
Closings of new homes sank year-over-year in August in the Hinesville, GA market, moving south after a gain in July 2013. Closings slid 30.6% from a year earlier to 25. This was after the housing market saw a 6.5% hike year-over-year in July.
A total of 232 new homes were sold during the 12 months that ended in August, down from 243 for the year that ended in July.
As a percentage of overall housing closings, new home closings represented 15.5%. This is down from the a year earlier when new home closings accounted for 31.0% of total closings. For new and existing homes, closings jumped year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 5.1% in August to $194,332 per unit. This bump is smaller than the 6.1% lift in July year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In August 2013, there was a 6.3% hike in the average mortgage size, reaching $198,875. In July 2013, average mortgage size rose 6.4% from a year earlier.