In October, there was a fall year-over-year in new home closings in the Columbia, SC market, and the decline was by a larger percentage than the September 2015. New home closings moved from 146 a year earlier to 3 after the figure moved from 116 in September 2014 to 21 in September 2015.
A total of 641 new homes were sold during the 12 months that ended in October, down from 784 for the year that ended in September.
Last year, 146 of 1,050 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 823 total closings. Closings of new and existing homes dropped year-over-year in October after also falling in September year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $195,978, compared with $231,529 last year. This came after a 11.6% fall in September from a year earlier.
There was a decline in average mortgage size on new homes, going from $216,237 last year to $166,483 in October 2015. Average mortgage size slid 7.3% in September 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in October 2015.
Foreclosures and real estate owned (REO) closings declined in October from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 26.2% of existing home closings, below 33.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.2% in October from 15.4% a year earlier while REO closings as a percentage of existing home closings dropped to 16.0% from 17.6% a year earlier.