In the Panama City, FL market, closings of new homes sank year-over-year in December, dropping after a year-over-year increase in November 2015. New home closings moved from 21 a year earlier to 11 after the figure moved from 6 in November 2014 to 10 in November 2015.
A total of 227 new homes were sold during the 12 months that ended in December, down from 237 for the year that ended in November.
Last year, 21 of 414 total closings were new homes, and this percentage saw a decline as new home closings this year made up 11 of the 343 total closings. Following a year-over-year increase in November, closings of new and existing homes declined year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $312,200, down from $325,686 a year earlier. This was on the heels of a 5.8% bump in November year-over-year.
The average mortgage size went down to $259,700 from $287,343 a year earlier. Average mortgage size on new homes went from $212,946 in November 2014 to $256,936 in November 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,466 square feet a year earlier to 2,051 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 17.5% of existing home closings, below 33.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.7% in December from 16.8% a year earlier while REO closings as a percentage of existing home closings declined to 11.7% from 16.5% a year earlier.