New Home Sales Climb in Savannah According to Freshest Data
Posted on: Apr 06, 2014 07:39:16 AM
There was a rise in new home closings in the Savannah, GA market in January year-over-year, and the percentage hike was an improvement from December 2013, suggesting the market may be gaining momentum. New home closings saw a boost of 37.2% from the year earlier to 59. This followed a 22.2% jump year-over-year in December.
A total of 902 new homes were sold during the 12 months that ended in January, up from 886 for the year that ended in December.
New home closings accounted for 18.2% of overall housing closings. This is better than the 10.6% of closings a year earlier. Closings of new and existing homes declined year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes went from $208,419 in January 2013 to $209,614 in January 2014. This followed a 6.0% surge in December year-over-year.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. Average mortgage size slid by 2.9% from a year earlier, settling at $192,995 in January. Average mortgage size went from $205,195 in December 2012 to $204,459 in December 2013.