Closings of new homes in the Pensacola, FL market slid year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 83 a year earlier to 22 after the figure moved from 89 in November 2014 to 8 in November 2015.
A total of 679 new homes were sold during the 12 months that ended in December, down from 740 for the year that ended in November.
Out of all housing closings, new home closings accounted for 3.0%. This is down from the a year earlier when new home closings made up 9.9% of total closings. For new and existing homes, closings fell in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 31.1% drop year-over-year in the average per-unit price of newly sold homes, settling at $163,118. This drop compares to a 16.4% hike in November year-over-year.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. It fell 23.5% in December from a year earlier to $161,451. Average mortgage size on new homes went from $198,170 in November 2014 to $226,230 in November 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 December 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size fell 31.6% year-over-year to 1,549 square feet in December 2015. In November, the average size of new homes sold went from 2,070 square feet a year earlier to 2,563 square feet.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 31.9% of existing home closings, down from 42.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.1% in December from 21.5% a year earlier while REO closings as a percentage of existing home closings slid to 19.8% from 21.1% a year earlier.