In the Spartanburg, SC market in November, closings of new homes dropped year-over-year, but the decline was less than the year-over-year decline in October. New home closings moved from 13 a year earlier to 3 after the figure moved from 51 in October 2014 to 3 in October 2015.
A total of 76 new homes were sold during the 12 months that ended in November, down from 86 for the year that ended in October.
New home closings represented 3 out of the 276 total closings, which is a smaller percentage than the 13 of 327 total closings a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $143,793, compared with $217,031 last year. This followed a 5.4% decline in October from a year earlier.
The average mortgage size went down to $150,990 from $193,821 a year earlier. It went from $175,760 to $176,669 from October 2014 to 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.
The average unit size of newly sold homes fell from 3,398 square feet a year earlier to 2,313 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 24.2% of existing home closings, below 24.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.3% in November from 8.3% a year earlier while REO closings as a percentage of existing home closings fell to 13.9% from 16.2% a year earlier.