In the Pensacola, FL market in August, closings of new homes fell year-over-year, but the decline was less than the year-over-year decline in July. New home closings moved from 80 a year earlier to 9 after the figure moved from 104 in July 2014 to 11 in July 2015.
A total of 355 new homes were sold during the 12 months that ended in August, down from 426 for the year that ended in July.
New home closings were 9 out of the 875 total closings, down on a percentage basis from 80 of 991 a year earlier. Following a year-over-year rise in July, closings of new and existing homes fell year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $179,678, down from $228,402 a year earlier. This followed a 24.2% drop in July from a year earlier.
The average mortgage size moved to $174,916, down from last year's $206,926. Average mortgage size on new homes went from $201,669 in July 2014 to $161,085 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 2,190 square feet a year earlier to 1,930 square feet.
Foreclosures and real estate owned (REO) closings fell in August from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 35.0% of existing closings, lower than 42.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.0% in August from 22.3% a year earlier while REO closings as a percentage of existing home closings jumped to 23.0% from 20.5%.