Closings of new homes fell year-over-year in August in the Sebastian, FL market, moving south after a bump in July 2015. Closings slid 10.0% from a year earlier to 36. In comparison, new home closings in the same month last year saw a 18.8% boost year-over-year in July.
A total of 464 new homes were sold during the 12 months that ended in August, down from 468 for the year that ended in July.
Out of all housing closings, new home closings accounted for 7.7%. This is down from the 8.8% of closings a year earlier. After staying stable in July from a year earlier, closings of new and existing homes grew in August.
Pricing and Mortgage Trends
In August, there was a 20.1% gain year-over-year in the average price of newly sold homes, reaching $235,183 per unit. This hike is higher than the 5.8% rise in July year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. The average mortgage size rose to $178,974 in August, marking a 14.8% gain compared with a year earlier. In July 2015, average mortgage size on newly sold homes saw a 4.0% hike year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes climbed from 77.5% in August 2014 to all of closings in August 2015. At the same time, the share of new home closings belonging to attached units dropped to no part of closings from 22.5% of closings.
There was a 90.8% boost year-over-year in the average unit size of newly sold homes to 3,165 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 22.3% of existing home closings, down from 37.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.4% in August from 21.1% a year earlier while REO closings as a percentage of existing home closings declined to 14.0% from 16.5% a year earlier.