Recent Figures Show New Home Sales and Prices Fall in Columbia
Posted on: May 06, 2013 07:08:10 AM
Closings of new homes slid year-over-year in January in the Columbia, SC market, but with a percentage drop less steep than December 2012, there are suggestions the market may be stabilizing. New home closings saw a drop of 41.6% from the year earlier to 73. This followed a 61.8% fall year-over-year in December.
A total of 1,674 new homes were sold during the 12 months that ended in January, down from 1,726 for the year that ended in December.
New home closings represented 26.4% of overall housing closings. This is better than the 19.9% of closings a year earlier. Following a year-over-year decline in December, closings of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
In January, there was a 9.1% decline year-over-year in the average per-unit price of newly sold homes, settling at $188,897. This decline is larger than the 5.7% decline in December from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. Average mortgage size slipped 9.8% to $170,765 in January from a year earlier. In December 2012, average mortgage size dropped 11.8% from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 91.1% of average price to 90.4% from a year earlier. In December 2012, the figure saw a 6.1 percentage point decline from the year earlier.