In April, there was a fall year-over-year in new home closings in the Spartanburg, SC market, and the decline was by a larger percentage than the March 2016. New home closings moved from 61 a year earlier to 8 after the figure moved from 74 in March 2015 to 12 in March 2016.
A total of 354 new homes were sold during the 12 months that ended in April, down from 407 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 2.1% from 12.9% a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $292,168 from $190,109 a year ago. This was on the heels of a 1.6% gain in March year-over-year.
Average mortgage size on new homes went from $177,138 a year earlier to $257,566. Average mortgage size on new homes went from $171,454 in March 2015 to $181,763 in March 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 April 2016.
The average unit size of newly sold homes fell from 1,999 square feet a year earlier to 1,795 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 15.4% of existing home closings, below 24.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.6% in April from 11.2% a year earlier while REO closings as a percentage of existing home closings declined to 9.8% from 13.6% a year earlier.