New Home Prices Gain in Spartanburg According to Recent Figures, Sales Decrease
Posted on: Jul 06, 2014 07:34:50 AM
In the Spartanburg, SC market, new home closings declined year-over-year in April, and there were signs the market may be weakening with a percentage decline steeper than March 2014. New home closings saw a 31.4% fall from a year earlier to 35. In comparison, new home closings in the same month last year saw a 7.3% fall year-over-year in March.
A total of 506 new homes were sold during the 12 months that ended in April, down from 522 for the year that ended in March.
Out of all housing closings, new home closings made up 10.5%. This is a fall 14.7% of closings a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes rose 10.4% year-over-year to $191,133 per unit. This lift is smaller than the 11.0% boost in March year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In April 2014, the average mortgage size on newly sold homes saw a 2.1% surge from a year earlier. Average mortgage size gained 1.0% in March 2014 from a year earlier.