Newest Figures Show New Home Sales and Prices Rise in Savannah
Posted on: May 06, 2013 07:33:47 AM
In February, closings of new homes in the Savannah, GA market increased year-over-year, recovering from a decline in January 2013. New home closings saw a rise of 2.3% from the year earlier to 45 after closings sank 24.5% in January from the year earlier.
A total of 837 new homes were sold during the 12 months that ended in February, up from 836 for the year that ended in January.
Out of all housing closings, new home closings represented 11.3%. This is an increase on a percentage basis, as new home closings were 9.6% of total closings a year ago. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, there was an 11.5% boost in the average price of newly sold homes year-over-year, reaching $213,758 per unit. This is an upward shift from the 6.8% decline in January from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size declined 3.7% to $201,855 in February from a year earlier. Average mortgage size slid 18.1% in January 2013 from a year earlier.