In the Anderson, SC market in July, new home closings slid year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 34 a year earlier to 3 after the figure moved from 42 in June 2015 to 1 in June 2016.
New home closings were 3 out of the 269 total closings, down on a percentage basis from 34 of 336 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also sank year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $142,504, compared with $213,839 last year. This followed a 5.4% decline in June from a year earlier.
The average mortgage size moved to $128,567, down from last year's $184,017. Average mortgage size on new homes went from $219,097 in June 2015 to $184,000 in June 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 July 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 16.5% of existing home closings, down from 19.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.4% in July from 7.9% a year earlier while REO closings as a percentage of existing home closings sank to 7.1% from 11.9% a year earlier.