In April, the Florence, SC market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 10 a year earlier to 5 after the figure moved from 13 in March 2015 to 2 in March 2016.
New home closings represented 5 out of the 139 total closings, which is a smaller percentage than the 10 of 187 total closings a year earlier. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $200,960, down from last year's $239,058. This followed a 32.3% fall in March from a year earlier.
Average mortgage size on new homes fell from $222,845 to $190,081. Average mortgage size on new homes went from $236,679 in March 2015 to $151,630 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 2,423 square feet a year earlier to 2,061 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 23.9% of existing closings, lower than 29.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 17.2% in April from 19.2% a year earlier while REO closings as a percentage of existing home closings sank to 6.7% from 10.7% a year earlier.