In the Sumter, SC market in June, new home closings dropped year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 19 a year earlier to 8 after the figure moved from 13 in May 2015 to 7 in May 2016.
A total of 82 new homes were sold during the 12 months that ended in June, down from 93 for the year that ended in May.
New home closings were 8 out of the 147 total closings, down on a percentage basis from 19 of 137 a year earlier. Closings of new and existing homes increased year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $220,363, an increase from $211,863 a year earlier. This came after a 29.3% decline in May from a year earlier.
Average mortgage size on new homes increased to $211,370 from $197,623 last year. Average mortgage size on new homes went from $199,013 in May 2015 to $152,116 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 24.5% of closings, below 27.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.1% in June from 13.6% a year earlier while REO closings as a percentage of existing home closings declined to 9.4% from 13.6% a year earlier.