New Home Prices Rise in Columbia According to Recent Figures, Sales Fall
Posted on: Dec 06, 2013 07:10:57 AM
Closings of new homes fell year-over-year in August in the Columbia, SC market, but compared with July 2013, the percentage drop was less steep, suggesting that the market may be leveling out. New home closings saw a fall of 39.3% from the year earlier to 116. This came after a 39.5% decline year-over-year in July.
A total of 1,702 new homes were sold during the 12 months that ended in August, down from 1,777 for the year that ended in July.
New home closings made up 24.1% of overall housing closings. This marks a rise from 20.2% of total closings a year earlier. Closings of new and existing homes fell year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
In August, the average price of newly sold homes rose 4.7% year-over-year to $211,072 per unit. This surge is smaller than the 17.3% hike in July year-over-year.
Average mortgage size on new homes slid year-over-year in contrast to new home prices. The average mortgage size fell to $191,345 in August, marking a 1.1% decline compared with last year. In July 2013, average mortgage size on newly sold homes saw a 9.8% bump year-over-year from a year earlier.