The Palm Bay, FL market saw a rise in new home closings in March year-over-year, swinging up after a decline in February 2016. New home closings saw a boost of 60.8% from the year earlier to 127. This came on the heels of a 26.4% fall year-over-year in February.

A total of 1,095 new homes were sold during the 12 months that ended in March, up from 1,047 for the year that ended in February.

Out of all housing closings, new home closings made up 8.0%. This is a gain from 4.6% of closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also fell year-over-year in March.

Pricing and Mortgage Trends

Average price of newly sold homes saw a 27.4% rise year-over-year in March to $291,467 per unit. This surge is better than the 5.7% lift in February year-over-year.

The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. The average mortgage size rose to $266,205 in March, marking a 29.6% rise compared with a year earlier. In February 2016, average mortgage size on newly sold homes saw a 16.5% bump 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. Single-family home closings gained from 92.4% of new closings in March 2015 to 93.7% of closings in March 2016. Meanwhile, attached units as a percentage of all new home closings dropped to 6.3% of closings from 7.6% of closings.

The average unit size of newly sold homes climbed 1.3% year-over-year to 2,135 square feet in March 2016. In February, the average size of new homes sold went from 2,169 square feet a year earlier to 1,995 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 23.8% of existing closings, lower than 36.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.8% in March from 14.3% a year earlier while REO closings as a percentage of existing home closings sank to 14.0% from 22.0% a year earlier.

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