In the Columbia, SC market, new home closings fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 149 a year earlier to 12 after the figure moved from 146 in April 2015 to 6 in April 2016.
A total of 524 new homes were sold during the 12 months that ended in May, down from 661 for the year that ended in April.
New home closings were 12.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 12 of the 1,161 total closings. After falling in April from a year earlier, closings of new and existing homes stayed steady in May.
Pricing and Mortgage Trends
The average price for new homes in May 2016 was $248,243, a shift from $247,756 last year. This followed a 13.5% drop in April from a year earlier.
The average mortgage size on new homes was $225,574, up from $222,448. Average mortgage size on new homes went from $218,812 in April 2015 to $195,988 in April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,383 square feet a year earlier to 3,001 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 23.8% of closings, below 29.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.1% in May from 13.4% a year earlier while REO closings as a percentage of existing home closings sank to 8.8% from 15.6% a year earlier.