New home closings in the Sumter, SC market sank year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 13 a year earlier to 4 after the figure moved from 19 in June 2015 to 8 in June 2016.
A total of 73 new homes were sold during the 12 months that ended in July, down from 82 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 3.6% from 8.6% a year earlier. Following a year-over-year rise in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $176,500, down from last year's $212,046. This was on the heels of a 4.0% hike in June year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $213,827 to $178,120. Average mortgage size on new homes went from $197,623 in June 2015 to $211,370 in June 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 July 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 20.4% of existing home closings, below 26.8% a year earlier. The percentage of existing home closings involving foreclosures went from 12.3% in July 2015 to 13.0% in July 2016 and REO closings as a percentage of existing home closings sank to 7.4% from 14.5% a year earlier.