In the Sumter, SC market in July, closings of new homes slid year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 15 a year earlier to 9 after the figure moved from 19 in June 2014 to 12 in June 2015.
A total of 130 new homes were sold during the 12 months that ended in July, down from 136 for the year that ended in June.
Last year, 15 of 141 total closings were new homes, and this percentage saw a decline as new home closings this year made up 9 of the 146 total closings. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $214,972, up from $178,939 a year earlier. This was on the heels of a 20.8% surge in June year-over-year.
Average mortgage size on new homes rose from $180,247 to $215,857. Average mortgage size on new homes went from $179,109 in June 2014 to $197,094 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 27.0% of closings, below 32.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.4% in July from 9.5% a year earlier while REO closings as a percentage of existing home closings dropped to 14.6% from 23.0% a year earlier.