In the Naples, FL market, new home closings climbed year-over-year in January, but as the percentage gained less than December 2015, the market seemed to show signs of leveling. Closings climbed 9.6% from a year earlier to 148. In comparison, new home closings in the same month last year saw a 23.0% jump year-over-year in December.
A total of 2,364 new homes were sold during the 12 months that ended in January, up from 2,351 for the year that ended in December.
Out of all housing closings, new home closings accounted for 14.8%. This is better than the 12.3% of closings a year earlier. Following a year-over-year increase in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes slid 11.4% year-over-year in January to $591,699 per unit. This fall compares to a 2.7% hike in December year-over-year.
The average mortgage size on newly sold homes jumped year-over-year in contrast to the average price of new homes. In January 2016, the average mortgage size was $398,040, a 7.3% rise from a year earlier. In December 2015, average mortgage size on newly sold homes saw a 8.2% gain year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. Attached unit closings climbed from 11.9% of all closings in January 2015 to 43.2% of closings in January 2016. At the same time, the share belonging to single-family homes slid to 56.8% of closings from 88.1% of closings.
There was a 10.6% drop year-over-year in the average unit size of newly sold homes to 2,128 square feet in January 2016. The average size of newly sold homes moved from 2,339 square feet in December 2014 to 2,181 square feet in December 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 14.3% of closings, below 22.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.3% in January from 10.2% a year earlier while REO closings as a percentage of existing home closings fell to 9.0% from 11.8% a year earlier.