New Home Closings and Prices in Savannah Decline According to Latest Figures
Posted on: Jul 06, 2014 07:33:46 AM
In April, there was a fall year-over-year in new home closings in the Savannah, GA market, and the percentage drop was steeper than March 2014, suggesting the market may be worsening. New home closings saw a 13.8% decline from a year earlier to 56. This came on the heels of a 4.2% fall year-over-year in March.
A total of 923 new homes were sold during the 12 months that ended in April, down from 932 for the year that ended in March.
Of the total number of closings, new home closings made up 11.4%. New home closings were 10.6% of overall closings last year. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average price for new home closings was $207,978, a 5.5% fall from last year. This drop is larger than the 1.8% fall in March from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. The average mortgage size slid to $192,864 in April, marking a 4.6% decline compared with last year. Average mortgage size sank 1.3% in March 2014 from a year earlier.