In June, there was a drop year-over-year in new home closings in the Columbia, SC market, but the decline was less than the year-over-year decline in May. New home closings moved from 128 a year earlier to 3 after the figure moved from 139 in May 2014 to none in May 2015.
New home closings were 3 out of the 449 total closings, down on a percentage basis from 128 of 1,093 a year earlier. Closings of new and existing homes sank year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $221,667, a move from $219,860 a year earlier. This was on the heels of a.
The average mortgage size moved to $177,190, down from last year's $200,299.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2015.
The average unit size of newly sold homes rose from 2,843 square feet a year earlier to 2,951 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.6% of closings, below 29.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.9% in June from 14.9% a year earlier while REO closings as a percentage of existing home closings declined to 10.8% from 14.7% a year earlier.