New Home Prices Climb, Sales Fall in Anderson - August 2014
Posted on: Aug 09, 2014 07:00:17 AM
In May, the Anderson, SC market saw a fall year-over-year in new home closings, declining after staying relatively stable in April from the year earlier. Closings stood at 1 in May after being 2 a year earlier and remaining unchanged at 1 in April from a year earlier.
1 of the 268 total closings were new home closings, a shift on a percentage basis from 2 out of 169 a year earlier. For new and existing homes, closings increased year-over-year in May after also increasing in April year-over-year.
The average price for newly sold homes moved north to $157,500 from $152,668 a year ago. This was on the heels of a 8.2% decline in April from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 26.6% of closings, below 32.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.5% in May from 17.4% a year earlier while REO closings as a percentage of existing home closings fell to 13.1% from 15.6% a year earlier.