New Home Closings and Prices Decrease in Sumter - July 2014
Posted on: Jul 08, 2014 07:03:50 AM
In April, the Sumter, SC market saw a decline year-over-year in new home closings, dropping after a year-over-year increase in March 2014. New home closings moved from 19 a year earlier to 10 after the figure moved from 11 in March 2013 to 15 in March 2014.
A total of 202 new homes were sold during the 12 months that ended in April, down from 211 for the year that ended in March.
New home closings were 16.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 10 of the 124 total closings. After dropping in March from a year earlier, closings of new and existing homes rose year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $166,241, compared with $197,589 last year. This was on the heels of a 11.5% bump in March year-over-year.
The average mortgage size moved to $166,772, down from last year's $197,850. Average mortgage size on new homes went from $146,842 in March 2013 to $142,167 in March 2014.