In the Spartanburg, SC market, closings of new homes sank year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 53 a year earlier to 11 after the figure moved from 48 in November 2014 to 9 in November 2015.
A total of 541 new homes were sold during the 12 months that ended in December, down from 583 for the year that ended in November.
New home closings were 12.6% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 11 of the 312 total closings. Following a year-over-year decline in November, closings of new and existing homes also dropped year-over-year in December.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $287,476 from $203,448 a year ago. This came after a 7.5% drop in November from a year earlier.
Average mortgage size on new homes increased to $275,893 from $184,001 last year. Average mortgage size on new homes went from $171,542 in November 2014 to $168,555 in November 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,467 square feet a year earlier to 2,910 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 18.3% of existing home closings, below 25.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.0% in December from 7.4% a year earlier while REO closings as a percentage of existing home closings dropped to 12.3% from 18.3% a year earlier.