In the Panama City, FL market in February, new home closings fell year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 12 a year earlier to 5 after the figure moved from 13 in January 2015 to 8 in January 2016.
A total of 232 new homes were sold during the 12 months that ended in February, down from 239 for the year that ended in January.
New home closings were 5 out of 212 total closings, making up 2.4%. This is up on a percentage basis from 12 of 1,049 a year earlier. For new and existing homes, closings dropped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $270,000 from $250,059 a year ago. This came after a 16.2% fall in January from a year earlier.
Average mortgage size on new homes went from $222,683 a year earlier to $268,098. Average mortgage size on new homes went from $241,379 in January 2015 to $216,775 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes fell from 1,939 square feet a year earlier to 1,615 square feet.
Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 18.8% of existing home closings, higher than 12.6% a year earlier. The percentage of existing home closings involving foreclosures went from 5.2% in February 2015 to 5.3% in February 2016 and REO closings as a percentage of existing home closings increased to 13.5% from 7.4%.