In the Spartanburg, SC market, closings of new homes slid year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 91 a year earlier to 2 after the figure moved from 52 in May 2015 to 5 in May 2016.
A total of 219 new homes were sold during the 12 months that ended in June, down from 308 for the year that ended in May.
New home closings were 2 out of the 280 total closings, down on a percentage basis from 91 of 490 a year earlier. Closings of new and existing homes slid year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average new home value went from $206,686 last year to $319,650. This followed a 47.5% bump in May year-over-year.
From the year-ago figure of $182,974, the average mortgage size on new homes moved up to $253,596. Average mortgage size on new homes went from $163,759 in May 2015 to $233,281 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 10.4% of existing home closings, down from 22.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.7% in June from 11.0% a year earlier while REO closings as a percentage of existing home closings sank to 5.8% from 11.0% a year earlier.