New Home Closings and Prices in Sumter Decrease According to Newest Figures
Posted on: May 06, 2013 07:36:17 AM
In the Sumter, SC market in February, closings of new homes sank year-over-year, sliding after a growth in January 2013. New home closings moved from 21 a year earlier to eight after the figure moved from 11 in January 2012 to 17 in January 2013.
A total of 202 new homes were sold during the 12 months that ended in February, down from 215 for the year that ended in January.
Out of 95 total closings, eight were of new homes, which makes up a smaller percentage than the 21 out of 96 total closings last year. After rising year-over-year in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $177,418, compared with $179,870 last year. This was on the heels of a 22.3% decline in January from a year earlier.
Average mortgage size on new homes rose from $169,611 to $175,287. Average mortgage size on new homes went from $196,956 in January 2012 to $134,266 in January 2013. For new home closings, the percentage of the sale price that was being financed rose 4.5 percentage points year-over-year to 98.8% in February 2013. This came after an 11.9 percentage point drop in January from a year earlier.