New home closings declined year-over-year in April in the Florence, SC market, but the decline was less than the year-over-year decline in March. New home closings moved from 10 a year earlier to 5 after the figure moved from 13 in March 2015 to 2 in March 2016.
New home closings were 5 out of the 139 total closings, down on a percentage basis from 10 of 187 a year earlier. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $200,960, down from $239,058 a year earlier. This was on the heels of a 32.3% fall in March from a year earlier.
The average mortgage size went down to $190,081 from $222,845 a year earlier. Average mortgage size on new homes went from $236,679 in March 2015 to $151,630 in March 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 April 2016.
The average unit size of newly sold homes fell from 2,423 square feet a year earlier to 2,061 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.9% of closings, below 29.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 17.2% in April from 19.2% a year earlier while REO closings as a percentage of existing home closings dropped to 6.7% from 10.7% a year earlier.