In the Spartanburg, SC market in August, closings of new homes declined year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 49 a year earlier to 3 after the figure moved from 56 in July 2014 to 6 in July 2015.
A total of 163 new homes were sold during the 12 months that ended in August, down from 209 for the year that ended in July.
New home closings were 11.5% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 3 of the 328 total closings. Closings of new and existing homes slid year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $172,258, down from last year's $195,686. This was on the heels of a 10.3% drop in July from a year earlier.
There was a decline in average mortgage size on new homes, going from $174,820 last year to $169,063 in August 2015. Average mortgage size on new homes went from $173,345 in July 2014 to $142,809 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 14.2% of closings, below 30.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.5% in August from 14.6% a year earlier while REO closings as a percentage of existing home closings sank to 8.6% from 15.4% a year earlier.