Closings of new homes dropped year-over-year in September in the Panama City, FL market, and the decline was by a larger percentage than the August 2015. New home closings moved from 26 a year earlier to 1 after the figure moved from 19 in August 2014 to 1 in August 2015.

A total of 34 new homes were sold during the 12 months that ended in September, down from 59 for the year that ended in August.

On a percentage basis, new home closings as a part of total closings decreased to 0.2% from 5.7% a year earlier. Following a year-over-year decline in August, closings of new and existing homes also declined year-over-year in September.

Pricing and Mortgage Trends

The average price of new homes rose to $388,000 from last year's $306,679. This was on the heels of a 1.5% decline in August from a year earlier.

Average mortgage size on new homes rose from $279,885 to $368,600. Average mortgage size on new homes went from $245,049 in August 2014 to $255,000 in August 2015.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 2,492 square feet a year earlier to 3,038 square feet.

Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 25.1% of existing closings, lower than 37.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.1% in September from 19.8% a year earlier while REO closings as a percentage of existing home closings fell to 15.0% from 17.4% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Panama City, FL area.