In the Spartanburg, SC market, closings of new homes slid year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 55 a year earlier to 6 after the figure moved from 58 in June 2014 to 5 in June 2015.
A total of 206 new homes were sold during the 12 months that ended in July, down from 255 for the year that ended in June.
Last year, 55 of 439 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 408 total closings. Closings of new and existing homes fell year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $164,314, compared with $184,456 last year. This followed a 12.9% drop in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $174,734 to $142,809. Average mortgage size on new homes went from $170,565 in June 2014 to $139,343 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.
The average unit size of newly sold homes rose from 2,300 square feet a year earlier to 2,868 square feet.
Foreclosures and real estate owned (REO) closings continued to decline 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 made up 18.4% of closings, below 32.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.2% in July from 18.8% a year earlier while REO closings as a percentage of existing home closings fell to 10.2% from 13.3% a year earlier.