New home closings in the Anderson, SC market declined year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 25 a year earlier to none after the figure moved from 26 in January 2015 to 1 in January 2016.

On a percentage basis, new home closings as a part of total closings decreased to no part from 13.8% a year earlier. Following a drop in January year-over-year, closings of new and existing homes gained year-over-year in February.

Other Market Trends

Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 27.3% of closings, below 27.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.2% in February from 9.6% a year earlier while REO closings as a percentage of existing home closings dropped to 9.1% from 17.9% a year earlier.

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