New home closings in the Florence, SC market declined year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 9 a year earlier to none after the figure moved from 7 in July 2014 to 3 in July 2015.
New home closings were 5.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 42 total closings. Following a year-over-year rise in July, closings of new and existing homes declined year-over-year in August.
Other Market Trends
There were no new home closings in August 2015, but average size of newly sold homes was 1,536 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 7.1% of existing home closings, below 33.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.1% in August from 12.8% a year earlier while REO closings as a percentage of existing home closings slid to no part from 20.7% a year earlier.