The Anderson, SC market saw a drop in new home closings year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 33 a year earlier to 6 after the figure moved from 51 in March 2015 to 2 in March 2016.
New home closings represented 6 out of the 235 total closings, which is a smaller percentage than the 33 of 292 total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $227,921 last year to $251,311. This was on the heels of a 6.0% drop in March from a year earlier.
The average mortgage size on new homes was $226,525, up from $194,448. Average mortgage size on new homes went from $196,283 in March 2015 to $204,723 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 24.5% of existing home closings, below 36.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.8% in April from 15.8% a year earlier while REO closings as a percentage of existing home closings fell to 12.7% from 20.8% a year earlier.