In the Sumter, SC market, closings of new homes dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 17 a year earlier to 4 after the figure moved from 14 in February 2015 to 8 in February 2016.
A total of 105 new homes were sold during the 12 months that ended in March, down from 118 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 3.4% from 13.9% a year earlier. After rising year-over-year in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $149,623, down from $185,189 a year earlier. This followed a 4.6% rise in February year-over-year.
Average mortgage size on new homes fell from $190,132 to $152,840. Average mortgage size on new homes went from $187,434 in February 2015 to $211,448 in February 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 March 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 24.1% of existing closings, lower than 35.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.7% in March from 16.2% a year earlier while REO closings as a percentage of existing home closings sank to 13.4% from 19.0% a year earlier.