Closings of new homes in the Sumter, SC market declined year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 13 a year earlier to 7 after the figure moved from 17 in March 2015 to 4 in March 2016.
A total of 99 new homes were sold during the 12 months that ended in April, down from 105 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 4.0% from 11.5% a year earlier. Closings of new and existing homes climbed year-over-year in April following a decline in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $188,136, an increase from $170,622 a year earlier. This was on the heels of a 19.2% drop in March from a year earlier.
From the year-ago figure of $160,579, the average mortgage size on new homes moved up to $185,958. Average mortgage size on new homes went from $190,132 in March 2015 to $152,840 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 increase in April from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings made up 37.6% of existing home closings, above 37.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 27.1% in April from 21.0% a year earlier while REO closings as a percentage of existing home closings declined to 10.6% from 16.0% a year earlier.