In September, there was a fall year-over-year in new home closings in the Spartanburg, SC market, but the decline was less than the year-over-year decline in August. New home closings moved from 41 a year earlier to 6 after the figure moved from 52 in August 2014 to 4 in August 2015.
A total of 133 new homes were sold during the 12 months that ended in September, down from 168 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 10.5% a year earlier. For new and existing homes, closings sank in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $184,754, down from last year's $201,709. This followed a 16.6% fall in August from a year earlier.
Average mortgage size on new homes went from $173,502 a year earlier to $206,277. Average mortgage size on new homes went from $173,788 in August 2014 to $156,047 in August 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 September 2015.
The average unit size of newly sold homes rose from 2,805 square feet a year earlier to 3,416 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 21.0% of existing home closings, down from 27.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.8% in September from 8.9% a year earlier while REO closings as a percentage of existing home closings declined to 14.2% from 18.1% a year earlier.