Prices of New Homes Climb in Spartanburg, Sales Decrease According to Freshest Data
Posted on: Mar 06, 2014 07:40:36 AM
In the Spartanburg, SC market in December, closings of new homes sank year-over-year, a downhill move after a hike in November 2013. Closings fell 38.9% from a year earlier to 44. This came on the heels of a 19.1% rise year-over-year in November.
A total of 501 new homes were sold during the 12 months that ended in December, down from 529 for the year that ended in November.
New home closings made up 15.3% of overall housing closings. This is down from the 21.2% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 35.8% in December to $169,616 per unit. This gain is higher than the 29.3% boost in November year-over-year.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. It fell 3.7% in December from a year earlier, reaching $160,211. Average mortgage size grew 4.3% in November 2013 from a year earlier.