There was a rise in new home closings in the Palm Bay, FL market in November year-over-year, recovering from a drop in October 2015. New home closings saw a boost of 22.1% from the year earlier to 83. This came after a 28.4% decline year-over-year in October.
A total of 1,060 new homes were sold during the 12 months that ended in November, up from 1,045 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 7.4%. This is an increase on a percentage basis, as new home closings were 5.7% of total closings a year ago. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $241,586 in November, up 1.0% from last year. This boost compares to a 4.0% decline in October from a year earlier.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. The average mortgage size dropped to $206,893 in November, marking a 4.1% drop compared with last year. In October 2015, average mortgage size on newly sold homes saw a 1.5% fall 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 4.4% of all closings in November 2014 to 26.5% of closings in November 2015. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 73.5% of closings from 95.6% of closings.
The average unit size of newly sold homes jumped 4.2% year-over-year to 2,261 square feet in November 2015. In October, the average size of new homes sold went from 2,211 square feet a year earlier to 2,575 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 26.4% of existing home closings, down from 41.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.5% in November from 17.2% a year earlier while REO closings as a percentage of existing home closings declined to 15.9% from 23.9% a year earlier.