In the Columbia, SC market, new home closings dropped year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 84 a year earlier to 9 after the figure moved from 76 in January 2015 to 6 in January 2016.
A total of 926 new homes were sold during the 12 months that ended in February, down from 1,001 for the year that ended in January.
New home closings were 10.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 9 of the 774 total closings. Closings of new and existing homes stayed level after declining in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $185,199, compared with $246,764 last year. This came after a 4.2% fall in January from a year earlier.
The average mortgage size went down to $181,500 from $223,536 a year earlier. Average mortgage size on new homes went from $214,301 in January 2015 to $207,534 in January 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 February 2016.
The average unit size of newly sold homes fell from 2,372 square feet a year earlier to 2,156 square feet.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 32.9% of closings, below 37.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 17.3% in February from 19.7% a year earlier while REO closings as a percentage of existing home closings sank to 15.7% from 17.5% a year earlier.