In the Anderson, SC market, new home closings sank year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 35 a year earlier to 2 after the figure moved from 28 in July 2014 to 3 in July 2015.
A total of 122 new homes were sold during the 12 months that ended in August, down from 155 for the year that ended in July.
New home closings were 11.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 275 total closings. Closings of new and existing homes dropped year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $156,074, down from last year's $227,539. This followed a 27.5% fall in July from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $197,391 to $156,232. Average mortgage size on new homes went from $227,632 in July 2014 to $202,665 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 continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 20.9% of existing closings, lower than 36.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.7% in August from 15.5% a year earlier while REO closings as a percentage of existing home closings slid to 9.2% from 21.0% a year earlier.