In the Spartanburg, SC market, closings of new homes sank year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 74 a year earlier to 12 after the figure moved from 49 in February 2015 to 7 in February 2016.
A total of 407 new homes were sold during the 12 months that ended in March, down from 469 for the year that ended in February.
New home closings were 12 out of the 401 total closings, down on a percentage basis from 74 of 435 a year earlier. For new and existing homes, closings sank in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $206,506 from $203,265 a year ago. This was on the heels of a 23.9% hike in February year-over-year.
Average mortgage size on new homes rose from $171,454 to $181,763. Average mortgage size on new homes went from $178,093 in February 2015 to $192,793 in February 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 March 2016.
The average unit size of newly sold homes fell from 2,191 square feet a year earlier to 1,678 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 17.7% of closings, below 28.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.0% in March from 12.5% a year earlier while REO closings as a percentage of existing home closings slid to 9.8% from 15.8% a year earlier.