New home closings sank year-over-year in June in the Anderson, SC market, and the decline was by a larger percentage than the May 2016. New home closings moved from 42 a year earlier to 1 after the figure moved from 30 in May 2015 to 3 in May 2016.

New home closings represented 1 out of the 313 total closings, which is a smaller percentage than the 42 of 362 total closings a year earlier. Following a year-over-year decline in May, closings of new and existing homes also slid year-over-year in June.

Pricing and Mortgage Trends

The average per-unit price of new homes was $230,000, compared with $243,196 last year. This followed a 17.8% boost in May year-over-year.

There was a decline in average mortgage size on new homes, going from $219,097 last year to $184,000 in June 2016. Average mortgage size on new homes went from $196,595 in May 2015 to $249,049 in May 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 June 2016.

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 made up 18.3% of closings, below 21.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.9% in June from 7.8% a year earlier while REO closings as a percentage of existing home closings fell to 6.4% from 13.8% a year earlier.

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