There was an increase in new home closings in the Naples, FL market in September year-over-year, and the percentage boost was better than August 2015, suggesting the market may be strengthening. New home closings saw a 30.6% climb from a year earlier to 222. In comparison, new home closings in the same month last year saw a 11.2% boost year-over-year in August.
A total of 2,128 new homes were sold during the 12 months that ended in September, up from 2,076 for the year that ended in August.
Out of all housing closings, new home closings made up 17.8%. This is better than the 15.4% of closings a year earlier. New and existing home closings jumped in September after a remaining level in August from a year earlier.
Pricing and Mortgage Trends
In September, the average price of newly sold homes increased 2.0% year-over-year to $533,610 per unit. This lift is smaller than the 33.4% gain in August year-over-year.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. In September 2015, the average mortgage size on newly sold homes saw a 3.9% hike from a year earlier. In August 2015, average mortgage size on newly sold homes saw a 3.0% lift year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. Attached unit closings climbed from 25.9% of all closings in September 2014 to 27.9% of closings in September 2015. Conversely, the share belonging to single-family homes fell to 72.1% of closings from 74.1% of closings.
The average unit size of newly sold homes declined 11.4% year-over-year to 2,034 square feet in September 2015. The average size of newly sold homes moved from 2,327 square feet in August 2014 to 2,350 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 13.7% of existing closings, lower than 23.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.6% in September from 9.5% a year earlier while REO closings as a percentage of existing home closings declined to 8.1% from 13.6% a year earlier.