In the Spartanburg, SC market in July, closings of new homes slid year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 80 a year earlier to none after the figure moved from 91 in June 2015 to 4 in June 2016.
New home closings represented none out of the 98 total closings, which is a smaller percentage than the 80 of 525 total closings a year earlier. Closings of new and existing homes fell year-over-year in July after also falling in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 7.1% of existing home closings, down from 20.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.1% in July from 9.0% a year earlier while REO closings as a percentage of existing home closings fell to 4.1% from 11.7% a year earlier.