In the Sumter, SC market in January, new home closings fell year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 10 a year earlier to 8 after the figure moved from 21 in December 2014 to 1 in December 2015.
A total of 124 new homes were sold during the 12 months that ended in January, down from 126 for the year that ended in December.
8 of the 90 total closings were new home closings, a shift on a percentage basis from 10 out of 119 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also dropped year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $207,949, down from $211,810 a year earlier. This followed a 50.5% fall in December from a year earlier.
There was a decline in average mortgage size on new homes, going from $218,909 last year to $201,708 in January 2016. Average mortgage size on new homes went from $181,887 in December 2014 to $100,053 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.
The average unit size of newly sold homes fell from 2,261 square feet a year earlier to 1,786 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 39.0% of existing closings, lower than 53.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 24.4% in January from 31.2% a year earlier while REO closings as a percentage of existing home closings dropped to 14.6% from 22.0% a year earlier.