New home closings in the Florence, SC market dropped year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 15 a year earlier to none after the figure moved from 15 in June 2015 to 3 in June 2016.
New home closings were none out of the 52 total closings, down on a percentage basis from 15 of 216 a year earlier. Closings of new and existing homes fell year-over-year in July after also falling in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 9.6% of existing closings, lower than 22.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.8% in July from 11.4% a year earlier while REO closings as a percentage of existing home closings fell to 3.8% from 11.4% a year earlier.