New home closings in the Anderson, SC market sank year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 28 a year earlier to 3 after the figure moved from 31 in June 2014 to 3 in June 2015.
A total of 154 new homes were sold during the 12 months that ended in July, down from 179 for the year that ended in June.
New home closings were 8.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 3 of the 296 total closings. Closings of new and existing homes slid year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $193,600, down from $266,902 a year earlier. This was on the heels of a 19.0% lift in June year-over-year.
There was a decline in average mortgage size on new homes, going from $227,632 last year to $202,665 in July 2015. Average mortgage size on new homes went from $205,796 in June 2014 to $258,847 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 continued to decline from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 20.5% of existing home closings, down from 25.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.5% in July from 13.9% a year earlier and REO closings moved from 11.2% of existing home closings in July 2014 to 11.9% in July 2015.