In the Anderson, SC market, new home closings sank year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 33 a year earlier to 6 after the figure moved from 51 in March 2015 to 2 in March 2016.
New home closings were 11.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 6 of the 235 total closings. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $251,311 from $227,921 a year ago. This was on the heels of a 6.0% fall in March from a year earlier.
From the year-ago figure of $194,448, the average mortgage size on new homes moved up to $226,525. Average mortgage size on new homes went from $196,283 in March 2015 to $204,723 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 fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 24.5% of existing home closings, down from 36.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.8% in April from 15.8% a year earlier while REO closings as a percentage of existing home closings dropped to 12.7% from 20.8% a year earlier.