In the Florence, SC market in July, new home closings slid year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 6 a year earlier to 3 after the figure moved from 10 in June 2014 to 3 in June 2015.
A total of 67 new homes were sold during the 12 months that ended in July, down from 70 for the year that ended in June.
New home closings were 3 out of the 178 total closings, down on a percentage basis from 6 of 178 a year earlier. Closings of new and existing homes stayed level after declining in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $188,633, down from $270,240 a year earlier. This was on the heels of a 3.8% gain in June year-over-year.
Average mortgage size on new homes fell from $221,110 to $141,117. Average mortgage size on new homes went from $231,837 in June 2014 to $169,900 in June 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 July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 21.7% of closings, below a quarter a year earlier. The percentage of existing home closings involving foreclosures rose to 12.0% in July from 9.9% a year earlier while REO closings as a percentage of existing home closings sank to 9.7% from 15.1% a year earlier.