Closings of new homes declined year-over-year in September in the Florence, SC market, but the decline was less than the year-over-year decline in August. New home closings moved from 6 a year earlier to 5 after the figure moved from 9 in August 2014 to 3 in August 2015.
A total of 65 new homes were sold during the 12 months that ended in September, down from 66 for the year that ended in August.
New home closings were 5 out of the 141 total closings, a move on a percentage basis from 6 of 179 a year earlier. For new and existing homes, closings slid in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $180,718, down from $274,532 a year earlier. This came after a 13.4% decline in August from a year earlier.
There was a decline in average mortgage size on new homes, going from $215,609 last year to $162,118 in September 2015. Average mortgage size on new homes went from $181,543 in August 2014 to $236,568 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.
The average unit size of newly sold homes fell from 1,977 square feet a year earlier to 1,192 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 21.3% of existing home closings, down from 27.7% a year earlier. The percentage of existing home closings involving foreclosures went from 9.2% in September 2014 to 9.6% in September 2015 and REO closings as a percentage of existing home closings fell to 11.8% from 18.5% a year earlier.