There was an increase in new home closings in the Sebastian, FL market in June year-over-year, and there were signals of strengthening market conditions as the percentage gain was an greater than May 2016. New home closings saw a jump of 9.3% from the year earlier to 59. This came after a 5.1% rise year-over-year in May.
A total of 535 new homes were sold during the 12 months that ended in June, up from 530 for the year that ended in May.
Of 505 total closings, 59 were of new homes. This is a gain from 9.1% of closings a year earlier. For new and existing homes, closings slid in June after also declining in May year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 12.3% year-over-year in June to $262,883 per unit. This hike is smaller than the 24.8% rise in May year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. It rose 18.5% in June from a year earlier to $212,461. Average mortgage size grew 36.3% in May 2016 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have slumped. Attached unit closings increased from no part of all closings in June 2015 to 3.4% of closings in June 2016. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 96.6% of closings from all of closings.
For all new homes sold, the average unit size jumped 29.5% year-over-year to 2,705 square feet in June 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 11.4% of existing home closings, down from 29.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.8% in June from 9.6% a year earlier while REO closings as a percentage of existing home closings declined to 5.6% from 20.1% a year earlier.