New Home Closings in Spartanburg Increase, Prices Drop According to Recent Figures
Posted on: Apr 06, 2014 07:40:26 AM
There was an increase in new home closings in the Spartanburg, SC market in January year-over-year, swinging up after a decline in December 2013. There was a 18.2% climb in new home closings from a year earlier. This came after a 38.9% decline year-over-year in December.
A total of 505 new homes were sold during the 12 months that ended in January, up from 501 for the year that ended in December.
Of 211 total closings, 26 were of new homes. This is better than the 7.2% of closings a year earlier. Following a year-over-year decline in December, closings of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes fell 6.8% year-over-year in January to $185,309 per unit. This fall compares to a 35.8% gain in December year-over-year.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. Average mortgage size dropped by 3.2% from a year earlier, settling at $165,213 in January. Average mortgage size fell 3.7% in December 2013 from a year earlier.