New home closings sank year-over-year in November in the Sumter, SC market, and the decline was by a larger percentage than the October 2015. New home closings moved from 12 a year earlier to 2 after the figure moved from 17 in October 2014 to 7 in October 2015.
A total of 146 new homes were sold during the 12 months that ended in November, down from 156 for the year that ended in October.
Last year, 12 of 118 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 85 total closings. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $160,991, down from $190,962 a year earlier. This followed a 1.2% lift in October year-over-year.
There was a decline in average mortgage size on new homes, going from $184,522 last year to $164,452 in November 2015. Average mortgage size on new homes went from $204,040 in October 2014 to $206,788 in October 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 November 2015.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 38.6% of closings, below 55.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.0% in November from 27.4% a year earlier while REO closings as a percentage of existing home closings slid to 26.5% from 28.3% a year earlier.