Closings of new homes in the Punta Gorda, FL market remained unchanged year-over-year in August, staying level after a year-over-year increase in July from a year earlier. Closings remained level at 12 from a year earlier after the figure moved from 13 in July 2014 to 21 in July 2015.
A total of 203 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
New home closings were 12 out of the 582 total closings, same on a percentage basis as a year earlier. Closings of new and existing homes climbed year-over-year in August following a fall in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $197,829, down from last year's $201,556. This came after a 26.2% hike in July year-over-year.
From the year-ago figure of $141,533, the average mortgage size on new homes moved up to $189,280. Average mortgage size on new homes went from $134,266 in July 2014 to $157,490 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 2,108 square feet a year earlier to 1,691 square feet.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 29.3% of existing closings, lower than 40.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.6% in August from 18.9% a year earlier while REO closings as a percentage of existing home closings fell to 16.7% from 21.1% a year earlier.