New Home Sales Remain Level in Spartanburg, Prices Decline According to Freshest Data
Posted on: Aug 08, 2014 11:50:27 AM
New home closings in the Spartanburg, SC market were unchanged year-over-year in May, staying level after a year-over-year decline in April from the year earlier. Closings remained level at 4 from a year earlier after the figure moved from 3 in April 2013 to 1 in April 2014.
A total of 41 new homes were sold during the 12 months that ended in May, equal to the number of new homes sold for the year that ended in April.
Out of the 326 total closings, 4 were new home closings. This is consistent on a percentage basis with a year earlier. After rising year-over-year in April, closings of new and existing homes dropped year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $194,386, down from last year's $284,996. This came after a 15.2% lift in April year-over-year.
There was a decline in average mortgage size on new homes, going from $222,245 last year to $161,765 in May 2014. Average mortgage size on new homes went from $131,041 in April 2013 to $127,920 in April 2014.