In the Anderson, SC market, new home closings fell year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 27 a year earlier to 1 after the figure moved from 35 in August 2014 to 2 in August 2015.
A total of 99 new homes were sold during the 12 months that ended in September, down from 125 for the year that ended in August.
New home closings were 9.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 264 total closings. Following a year-over-year decline in August, closings of new and existing homes also declined year-over-year in September.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $395,000 from $209,611 a year ago. This followed a 31.4% decline in August from a year earlier.
Average mortgage size on new homes rose from $184,445 to $260,000. Average mortgage size on new homes went from $197,391 in August 2014 to $156,232 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 23.6% of existing home closings, down from 25.7% a year earlier. The percentage of existing home closings involving foreclosures went from 10.8% in September 2014 to 11.8% in September 2015 and REO closings as a percentage of existing home closings slid to 11.8% from 14.9% a year earlier.