The Cape Coral, FL market saw an increase in closings of new homes in September year-over-year, moving up after a fall in August 2015. New home closings saw a climb of 27.3% from the year earlier to 294. This was after the housing market saw 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.
Of 2,180 total closings, 294 were of new homes. This is better than the 10.8% of closings a year earlier. Closings of new and existing homes increased year-over-year in September following a drop in August year-over-year.
Pricing and Mortgage Trends
In September, the average price of newly sold homes climbed year-over-year to $374,006 per unit, a 6.5% lift. This boost is smaller than the 8.2% surge in August year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. The average mortgage size rose to $259,159 in September, marking a 1.2% rise compared with a year earlier. In August 2015, average mortgage size rose 22.6% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. Attached unit closings increased 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 declined to 65.0% of closings from 72.3% of closings.
The average unit size of newly sold homes dropped 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. Out of all existing home closings, foreclosures combined with REO closings made up 20.5% of closings, below 34.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.0% in September from 17.6% a year earlier while REO closings as a percentage of existing home closings sank to 13.5% from 17.3% a year earlier.