Recent Numbers Show Prices of New Homes Gain in Columbia, Sales Decline
Posted on: Mar 06, 2014 07:09:29 AM
Closings of new homes in the Columbia, SC market slid year-over-year in November, and the percentage decline that was steeper than October 2013 gave implications of worsening market conditions. Closings sank 53.5% from a year earlier to 67. In comparison, new home closings in the same month last year saw a 49.4% drop year-over-year in October.
A total of 1,940 new homes were sold during the 12 months that ended in November, down from 2,017 for the year that ended in October.
Of 324 total closings, 67 were of new homes. This is a bump from 18.5% of closings a year earlier. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $229,976 in November, up 15.0% from last year. This lift is better than the 10.6% rise in October year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. Average mortgage size increased 4.2% to $202,509 in November from a year earlier. In October 2013, average mortgage size remained level from a year earlier at $196,626.