Closings of new homes in the Port St. Lucie, FL market slid year-over-year in February, but the percentage fall was not as steep as January 2016, giving suggestion that the market may be evening out. Closings slid 7.1% from a year earlier to 39. This came on the heels of a 17.9% decline year-over-year in January.
A total of 820 new homes were sold during the 12 months that ended in February, down from 823 for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 4.2% of overall housing closings. As a part of the whole, new home closings were 3.9% a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in February to $355,212 per unit, a rise of 21.5%. This boost is smaller than the 23.5% hike in January year-over-year.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. In February 2016, the average mortgage size was $285,870, up 5.1% from a year earlier. Average mortgage size increased 10.8% in January 2016 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 78.6% of new home closings to 79.5% of closings while attached units have gone from 21.4% of closings to 20.5% of closings.
The average unit size of newly sold homes grew 7.7% year-over-year to 2,665 square feet in February 2016. In January, the average size of new homes sold went from 2,553 square feet a year earlier to 2,443 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 22.5% of closings, below 35.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.6% in February from 15.1% a year earlier while REO closings as a percentage of existing home closings dropped to 13.9% from 20.6% a year earlier.