In May, 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 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.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 9.0% a year earlier. 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 price of new homes was $255,631, an increase from $217,075 a year earlier. This was on the heels of a 10.3% boost 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 look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 17.3% of existing home closings, below 20.4% a year earlier. The percentage of existing home closings involving foreclosures sank 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.