In July, there was a fall year-over-year in new home closings in the Columbia, SC market, and the decline was by a larger percentage than the June 2015. New home closings moved from 120 a year earlier to none after the figure moved from 128 in June 2014 to 5 in June 2015.
New home closings were none out of the 439 total closings, down on a percentage basis from 120 of 1,103 a year earlier. Closings of new and existing homes sank year-over-year in July after also falling in June year-over-year.
Other Market Trends
There were no new home closings in July 2015, but average size of newly sold homes was 2,888 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 23.5% of closings, below 32.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.5% in July from 17.5% a year earlier while REO closings as a percentage of existing home closings sank to 10.9% from 14.5% a year earlier.