In the Florence, SC market, new home closings declined year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 6 a year earlier to 2 after the figure moved from 7 in October 2014 to 6 in October 2015.
A total of 63 new homes were sold during the 12 months that ended in November, down from 67 for the year that ended in October.
New home closings were 2 out of the 132 total closings, down on a percentage basis from 6 of 138 a year earlier. After rising year-over-year in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $162,400, down from $220,569 a year earlier. This was on the heels of a 35.2% decline in October from a year earlier.
Average mortgage size on new homes fell from $212,119 to $139,066. Average mortgage size on new homes went from $236,685 in October 2014 to $134,007 in October 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 November 2015.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 30.0% of existing home closings, down from 30.3% a year earlier. The percentage of existing home closings involving foreclosures went from 13.6% in November 2014 to 14.6% in November 2015 and REO closings as a percentage of existing home closings sank to 15.4% from 16.7% a year earlier.