New home closings declined year-over-year in June in the Columbia, SC market, and the decline was by a larger percentage than the May 2016. New home closings moved from 102 a year earlier to 8 after the figure moved from 149 in May 2015 to 12 in May 2016.
A total of 430 new homes were sold during the 12 months that ended in June, down from 524 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 8.3% a year earlier. After being steady in May from a year earlier, closings of new and existing homes remained level in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $244,195, down from last year's $258,199. This was on the heels of a move from $247,756 per unit in May 2015 to $248,243 in May 2016.
Average mortgage size on new homes moved from $222,440 to $220,333. Average mortgage size on new homes went from $222,448 in May 2015 to $225,574 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.
The average unit size of newly sold homes fell from 2,874 square feet a year earlier to 2,816 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 22.5% of existing closings, lower than 24.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.2% in June from 14.1% a year earlier and REO closings moved from 10.3% of existing home closings in June 2015 to 11.2% in June 2016.