The Columbia, SC market saw a drop in new home closings year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 111 a year earlier to 2 after the figure moved from 120 in July 2014 to 4 in July 2015.
A total of 510 new homes were sold during the 12 months that ended in August, down from 619 for the year that ended in July.
New home closings represented 2 out of the 1,031 total closings, which is a smaller percentage than the 111 of 1,110 total closings a year earlier. Following a year-over-year decline in July, closings of new and existing homes also dropped year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $136,650, down from $218,067 a year earlier. This came after a 23.0% bump in July year-over-year.
The average mortgage size went down to $120,361 from $201,809 a year earlier. Average mortgage size on new homes went from $211,402 in July 2014 to $276,485 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 28.0% of existing home closings, below 32.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.2% in August from 16.5% a year earlier while REO closings as a percentage of existing home closings sank to 13.8% from 15.6% a year earlier.