The Anderson, SC market saw a drop in new home closings year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 26 a year earlier to 1 after the figure moved from 36 in December 2014 to 5 in December 2015.

A total of 348 new homes were sold during the 12 months that ended in January, down from 373 for the year that ended in December.

Last year, 26 of 227 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 175 total closings. Following a year-over-year rise in December, closings of new and existing homes slid year-over-year in January.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 19.0% of existing home closings, down from 35.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.6% in January from 14.4% a year earlier while REO closings as a percentage of existing home closings declined to 10.3% from 20.9% a year earlier.

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