In the Spartanburg, SC market in April, closings of new homes fell year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 61 a year earlier to 8 after the figure moved from 74 in March 2015 to 12 in March 2016.
A total of 354 new homes were sold during the 12 months that ended in April, down from 407 for the year that ended in March.
Last year, 61 of 473 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 384 total closings. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $292,168, an increase from $190,109 a year earlier. This came after a 1.6% gain in March year-over-year.
The average mortgage size on new homes was $257,566, up from $177,138. Average mortgage size on new homes went from $171,454 in March 2015 to $181,763 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.
The average unit size of newly sold homes fell from 1,999 square feet a year earlier to 1,795 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 15.4% of existing home closings, below 24.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.6% in April from 11.2% a year earlier while REO closings as a percentage of existing home closings declined to 9.8% from 13.6% a year earlier.