New home closings in the Cape Coral, FL market rose year-over-year in September, moving north after a fall in August 2015. New home closings saw a climb of 27.3% from the year earlier to 294. This came on the heels of a 1.8% fall year-over-year in August.
A total of 2,851 new homes were sold during the 12 months that ended in September, up from 2,788 for the year that ended in August.
New home closings accounted for 13.5% of overall housing closings. This is a bump from 10.8% of closings a year earlier. Following a drop in August year-over-year, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes had a 6.5% surge year-over-year to $374,006 per unit in September. This hike is smaller than the 8.2% lift in August year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. It gained 1.2% in September from a year earlier to $259,159. In August 2015, average mortgage size on newly sold homes saw a 22.6% rise year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have slumped. Attached unit closings jumped from 27.7% of all closings in September 2014 to 35.0% of closings in September 2015. At the same time, the share belonging to single-family homes sank to 65.0% of closings from 72.3% of closings.
For all new homes sold, the average unit size declined 4.1% year-over-year to 2,012 square feet in September 2015. The average size of newly sold homes moved from 2,000 square feet in August 2014 to 2,017 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 20.5% of existing closings, lower than 34.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.0% in September from 17.6% a year earlier while REO closings as a percentage of existing home closings fell to 13.5% from 17.3% a year earlier.