New home closings dropped year-over-year in February in the Florence, SC market, and the decline was by a larger percentage than the January 2016. New home closings moved from 11 a year earlier to none after the figure moved from 12 in January 2015 to 1 in January 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 7.4% a year earlier. Closings of new and existing homes slid year-over-year in February after also falling in January year-over-year.
Other Market Trends
There were no new home closings in February 2016, but average size of newly sold homes was 2,266 a year earlier.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 27.6% of existing home closings, up from 26.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.1% in February from 10.1% a year earlier while REO closings as a percentage of existing home closings slid to 11.5% from 15.9% a year earlier.