In September, there was a decline year-over-year in new home closings in the Sumter, SC market, but the decline was less than the year-over-year decline in August. New home closings moved from 13 a year earlier to 10 after the figure moved from 15 in August 2014 to 7 in August 2015.
A total of 166 new homes were sold during the 12 months that ended in September, down from 169 for the year that ended in August.
New home closings were 10 out of the 116 total closings, a move on a percentage basis from 13 of 143 a year earlier. For new and existing homes, closings sank in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $193,473 from last year's $174,695. This was on the heels of a 1.5% lift in August year-over-year.
The average mortgage size on new homes was $194,094, up from $163,617. Average mortgage size on new homes went from $208,779 in August 2014 to $214,916 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 decreased in September from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 35.8% of existing home closings, below 39.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 17.0% in September from 23.1% a year earlier while REO closings as a percentage of existing home closings increased to 18.9% from 16.2%.