New Home Closings and Prices in Spartanburg Increase According to Freshest Figures
Posted on: May 06, 2013 07:34:45 AM
The Spartanburg, SC market saw an increase in closings of new homes in February year-over-year, but there were signs of market leveling as the percentage rise was less than January 2013. Closings increased 4.8% from a year earlier to 22. This came on the heels of an 11.1% climb year-over-year in January.
A total of 376 new homes were sold during the 12 months that ended in February, up from 375 for the year that ended in January.
Of 204 total closings, 22 were of new homes. This is a rise from 8.8% of closings a year earlier. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in February to $193,905 per unit, a rise of 3.6%. This rise is smaller than the 29.1% hike in January year-over-year.
For newly sold homes, average mortgage size moved from $182,440 in February 2012 to $182,913 in February 2013. In January 2013, average mortgage size on newly sold homes saw a 9.0% rise year-over-year from a year earlier.