New home closings in the Sumter, SC market declined year-over-year in May, and the decline was similar to April 2016. New home closings moved from 13 a year earlier to 7 after the figure moved from 13 in April 2015 to 7 in April 2016.
A total of 93 new homes were sold during the 12 months that ended in May, down from 99 for the year that ended in April.
New home closings represented 7 out of the 143 total closings, which is a smaller percentage than the 13 of 125 total closings a year earlier. For new and existing homes, closings grew year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $154,200, down from $218,043 a year earlier. This followed a 10.3% surge in April year-over-year.
Average mortgage size on new homes fell from $199,013 to $152,116. Average mortgage size on new homes went from $160,579 in April 2015 to $185,958 in April 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 May 2016.
The average unit size of newly sold homes fell from 1,335 square feet a year earlier to 1,263 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings made up 34.6% of existing home closings, above 28.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.8% in May from 13.4% a year earlier while REO closings as a percentage of existing home closings gained to 22.8% from 15.2%.