Recent Numbers Show Prices of New Homes Climb in Spartanburg, Sales Drop
Posted on: Dec 06, 2013 07:44:44 AM
In the Spartanburg, SC market in September, closings of new homes sank year-over-year, moving downward after a lift in August 2013. Closings dropped 6.8% from a year earlier to 41. This came after a 5.1% climb year-over-year in August.
A total of 517 new homes were sold during the 12 months that ended in September, down from 520 for the year that ended in August.
Out of all housing closings, new home closings represented 11.9%. This is a drop 14.8% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also rose year-over-year in September.
Pricing and Mortgage Trends
In September, the average value of new homes saw a 12.0% hike year-over-year as it grew to $192,674 per unit. This surge is smaller than the 13.6% gain in August year-over-year.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. The average mortgage size rose to $182,047 in September, marking a 19.1% rise compared with a year earlier. In August 2013, average mortgage size on newly sold homes saw a 13.6% bump year-over-year from a year earlier.