The Spartanburg, SC market saw a drop in new home closings year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 91 a year earlier to 2 after the figure moved from 52 in May 2015 to 5 in May 2016.
A total of 219 new homes were sold during the 12 months that ended in June, down from 308 for the year that ended in May.
Last year, 91 of 490 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 280 total closings. Closings of new and existing homes dropped year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $319,650 from $206,686 a year ago. This was on the heels of a 47.5% bump in May year-over-year.
Average mortgage size on new homes rose from $182,974 to $253,596. Average mortgage size on new homes went from $163,759 in May 2015 to $233,281 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 10.4% of existing home closings, down from 22.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.7% in June from 11.0% a year earlier while REO closings as a percentage of existing home closings declined to 5.8% from 11.0% a year earlier.