Newest Numbers For Savannah Show New Home Closings and Prices Rise
Posted on: Mar 06, 2014 07:39:17 AM
In the Savannah, GA market in December, new home closings rose year-over-year, but there were signs the market may be leveling out with a percentage boost shallower than November 2013. Closings increased 20.6% from a year earlier to 76. In comparison, new home closings in the same month last year saw a 58.7% rise year-over-year in November.
A total of 883 new homes were sold during the 12 months that ended in December, up from 870 for the year that ended in November.
Of 490 total closings, 76 were of new homes. This is an increase on a percentage basis, as new home closings were 12.0% of total closings a year ago. Following a year-over-year increase in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 6.2% hike year-over-year in December to $226,005 per unit. This gain is smaller than the 6.6% surge in November year-over-year.
Average mortgage size on new homes remained steady year-over-year in December, staying at $205,099. In November 2013, average mortgage size on newly sold homes saw a 5.9% boost year-over-year from a year earlier.