In January, there was a decline year-over-year in new home closings in the Spartanburg, SC market, and the decline was by a larger percentage than the December 2015. New home closings moved from 36 a year earlier to 6 after the figure moved from 53 in December 2014 to 11 in December 2015.
A total of 511 new homes were sold during the 12 months that ended in January, down from 541 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 2.5% from 11.5% a year earlier. Closings of new and existing homes sank year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $212,232 from last year's $206,033. This followed a 41.3% lift in December year-over-year.
The average mortgage size on new homes was $201,435, up from $188,431. Average mortgage size on new homes went from $184,001 in December 2014 to $275,893 in December 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 January 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 17.7% of closings, below 23.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.5% in January from 8.0% a year earlier while REO closings as a percentage of existing home closings slid to 11.3% from 15.9% a year earlier.