The Sumter, SC market saw a drop in new home closings year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 15 a year earlier to 7 after the figure moved from 17 in July 2014 to 13 in July 2015.
A total of 164 new homes were sold during the 12 months that ended in August, down from 172 for the year that ended in July.
New home closings were 8.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 7 of the 100 total closings. Following a year-over-year increase in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $232,271 from $228,820 a year ago. This was on the heels of a 17.5% lift in July year-over-year.
From the year-ago figure of $208,779, the average mortgage size on new homes moved up to $214,916. Average mortgage size on new homes went from $182,278 in July 2014 to $213,827 in July 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 August 2015.
The average unit size of newly sold homes fell from 2,947 square feet a year earlier to 1,264 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 23.7% of existing closings, lower than 46.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.9% in August from 19.0% a year earlier while REO closings as a percentage of existing home closings slid to 10.8% from 27.5% a year earlier.