There was an increase in closings of new homes in the Sebastian, FL market in July year-over-year, on an upswing after a decline in June 2015. Closings rose 18.8% from a year earlier to 38. This was after the housing market saw a 16.9% decline year-over-year in June.
A total of 455 new homes were sold during the 12 months that ended in July, up from 449 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 7.8%. This is a lift from 6.5% of closings a year earlier. Following a year-over-year rise in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
In July, the average price of newly sold homes climbed 5.8% year-over-year to $238,577 per unit. This bump is smaller than the 14.6% surge in June year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. In July 2015, average mortgage size gained 4.0% from a year earlier to $197,641. In June 2015, average mortgage size on newly sold homes saw a 9.4% lift year-over-year from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes jumped from 96.9% in July 2014 to all of closings in July 2015. At the same time, the share of new home closings belonging to attached units declined to no part of closings from 3.1% of closings.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 27.1% of existing home closings, below 42.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in July from 24.2% a year earlier while REO closings as a percentage of existing home closings grew to 20.0% from 18.2%.