Closings of new homes dropped year-over-year in September in the Fort Walton Beach, FL market, but the decline was less than the year-over-year decline in August. New home closings moved from 19 a year earlier to 5 after the figure moved from 33 in August 2014 to 5 in August 2015.
A total of 132 new homes were sold during the 12 months that ended in September, down from 146 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 1.1% from 4.2% a year earlier. Closings of new and existing homes remained steady in September after being unchanged in August from a year earlier.
Pricing and Mortgage Trends
The average price of new homes rose to $265,120 from last year's $239,890. This came after a 13.1% hike in August year-over-year.
The average mortgage size on new homes was $253,553, up from $232,062. Average mortgage size on new homes went from $243,766 in August 2014 to $304,439 in August 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,867 square feet a year earlier to 2,020 square feet.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 34.5% of existing closings, lower than 38.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.2% in September from 20.0% a year earlier while REO closings as a percentage of existing home closings jumped to 23.3% from 18.2%.