In the Sumter, SC market in December, new home closings fell year-over-year, and the decline was by a larger percentage than the November 2015. New home closings moved from 21 a year earlier to 1 after the figure moved from 12 in November 2014 to 2 in November 2015.
A total of 126 new homes were sold during the 12 months that ended in December, down from 146 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 17.4% a year earlier. Following a year-over-year decline in November, closings of new and existing homes also sank year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $101,900, down from last year's $205,783. This was on the heels of a 15.7% decline in November from a year earlier.
The average mortgage size moved to $100,053, down from last year's $181,887. Average mortgage size on new homes went from $184,522 in November 2014 to $164,452 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings continued to rise in December from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 31.7% of existing home closings, up from 27.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.8% in December from 12.0% a year earlier and REO closings moved from 15.0% of existing home closings in December 2014 to 14.9% in December 2015.