In May, the Anderson, SC market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the April 2016. New home closings moved from 30 a year earlier to 3 after the figure moved from 33 in April 2015 to 6 in April 2016.
New home closings were 9.0% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 3 of the 303 total closings. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average new home value went from $217,075 last year to $255,631. This followed a 10.3% hike in April year-over-year.
From the year-ago figure of $196,595, the average mortgage size on new homes moved up to $249,049. Average mortgage size on new homes went from $194,448 in April 2015 to $226,525 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 17.3% of existing home closings, down from 20.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.0% in May from 9.2% a year earlier and REO closings moved from 11.2% of existing home closings in May 2015 to 10.3% in May 2016.