Closings of new homes in the Anderson, SC market dropped year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 51 a year earlier to 2 after the figure moved from 25 in February 2015 to none in February 2016.

New home closings represented 2 out of the 249 total closings, which is a smaller percentage than the 51 of 301 total closings a year earlier. Following a year-over-year rise in February, closings of new and existing homes slid year-over-year in March.

Pricing and Mortgage Trends

The average per-unit price of new homes was $208,500, compared with $221,910 last year. This followed a.

Average mortgage size on new homes went from $196,283 a year earlier to $204,723.

Other Market Trends

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

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 23.5% of existing home closings, below 28.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.1% in March from 12.4% a year earlier while REO closings as a percentage of existing home closings dropped to 13.4% from 16.4% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Anderson, SC area.