Prices of New Homes Rise in Savannah, Sales Decline According to Newest Data
Posted on: Aug 08, 2014 11:49:07 AM
In the Savannah, GA market, closings of new homes slid year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 52 a year earlier to 12 after the figure moved from 44 in April 2013 to 1 in April 2014.
A total of 230 new homes were sold during the 12 months that ended in May, down from 270 for the year that ended in April.
Last year, 52 of 557 total closings were new homes, and this percentage saw a decline as new home closings this year made up 12 of the 492 total closings. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $247,325 from last year's $200,098. This came after a 15.4% drop in April from a year earlier.
Average mortgage size on new homes rose from $190,577 to $206,688. Average mortgage size on new homes went from $193,048 in April 2013 to $178,957 in April 2014.