Closings of new homes sank year-over-year in December in the Florence, SC market, but the decline was less than the year-over-year decline in November. New home closings moved from 19 a year earlier to 7 after the figure moved from 8 in November 2014 to 2 in November 2015.
A total of 125 new homes were sold during the 12 months that ended in December, down from 137 for the year that ended in November.
New home closings were 11.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 7 of the 166 total closings. For new and existing homes, closings fell in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $161,954, down from $232,988 a year earlier. This was on the heels of a 31.2% fall in November from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $198,528 to $154,444. Average mortgage size on new homes went from $212,329 in November 2014 to $139,066 in November 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 December 2015.
The average unit size of newly sold homes fell from 2,194 square feet a year earlier to 1,927 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 23.9% of existing home closings, down from 29.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.2% in December from 13.8% a year earlier while REO closings as a percentage of existing home closings stayed level at 15.7%.