In February, there was a decline year-over-year in new home closings in the Sumter, SC market, and the decline was by a larger percentage than the January 2016. New home closings moved from 14 a year earlier to 8 after the figure moved from 10 in January 2015 to 8 in January 2016.
A total of 118 new homes were sold during the 12 months that ended in February, down from 124 for the year that ended in January.
New home closings were 8 out of the 119 total closings, down on a percentage basis from 14 of 93 a year earlier. Following a decline in January year-over-year, closings of new and existing homes jumped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $203,223 from last year's $194,300. This followed a 1.8% fall in January from a year earlier.
Average mortgage size on new homes increased to $211,448 from $187,434 last year. Average mortgage size on new homes went from $218,909 in January 2015 to $201,708 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes rose from 1,887 square feet a year earlier to 2,053 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 28.8% of closings, below 36.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 13.5% in February from 15.2% a year earlier while REO closings as a percentage of existing home closings dropped to 15.3% from 21.5% a year earlier.