In November, there was a decline year-over-year in new home closings in the Anderson, SC market, and the decline was by a larger percentage than the October 2015. New home closings moved from 22 a year earlier to none after the figure moved from 15 in October 2014 to 3 in October 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 10.0% a year earlier. Closings of new and existing homes rose year-over-year in November after also rising in October year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 18.9% of existing home closings, down from 35.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.4% in November from 16.7% a year earlier while REO closings as a percentage of existing home closings sank to 8.5% from 19.2% a year earlier.