Freshest Numbers Show Prices of New Homes Gain in Columbia, Sales Decline
Posted on: Jul 06, 2014 07:08:15 AM
The Columbia, SC market saw a drop in new home closings year-over-year in March, but with a percentage decline not as steep as February 2014, there are signs that the market may be evening out. There was a 57.9% fall in new home closings from a year earlier. This came on the heels of a 61.1% decline year-over-year in February.
A total of 1,687 new homes were sold during the 12 months that ended in March, down from 1,808 for the year that ended in February.
Out of all housing closings, new home closings made up 24.1%. This is better than the 22.8% of closings a year earlier. For new and existing homes, closings dropped in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $217,532 in March, up 1.7% from last year. This bump is smaller than the 17.8% gain in February year-over-year.
In March 2014, average mortgage size on new homes went from $199,006 in March 2013 to $197,906 in March 2014. Average mortgage size jumped 6.0% in February 2014 from a year earlier.