In the Florence, SC market in March, new home closings declined year-over-year, but the decline was less than the year-over-year decline in February. New home closings moved from 13 a year earlier to 2 after the figure moved from 11 in February 2015 to none in February 2016.
New home closings were 2 out of the 134 total closings, down on a percentage basis from 13 of 186 a year earlier. For new and existing homes, closings fell in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $168,748, down from $249,337 a year earlier. This came after a.
Average mortgage size on newly sold homes saw a decline year-over-year from $236,679 to $151,630.
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 2,408 square feet a year earlier to 1,551 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 28.8% of existing home closings, higher than 24.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.2% in March from 11.6% a year earlier and REO closings moved from 13.3% of existing home closings in March 2015 to 13.6% in March 2016.