The Sumter, SC market saw a drop in new home closings year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 13 a year earlier to 7 after the figure moved from 17 in March 2015 to 4 in March 2016.
A total of 99 new homes were sold during the 12 months that ended in April, down from 105 for the year that ended in March.
New home closings represented 7 out of the 177 total closings, which is a smaller percentage than the 13 of 113 total closings a year earlier. Closings of new and existing homes rose year-over-year in April following a decline in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $188,136, up from $170,622 a year earlier. This came after a 19.2% fall in March from a year earlier.
The average mortgage size on new homes was $185,958, up from $160,579. Average mortgage size on new homes went from $190,132 in March 2015 to $152,840 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 37.6% of existing home closings, higher than 37.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 27.1% in April from 21.0% a year earlier while REO closings as a percentage of existing home closings slid to 10.6% from 16.0% a year earlier.