Closings of new homes declined year-over-year in April in the Panama City, FL market, but the decline was less than the year-over-year decline in March. New home closings moved from 24 a year earlier to 6 after the figure moved from 39 in March 2015 to 8 in March 2016.

A total of 194 new homes were sold during the 12 months that ended in April, down from 212 for the year that ended in March.

New home closings were 6 out of the 346 total closings, down on a percentage basis from 24 of 462 a year earlier. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.

Pricing and Mortgage Trends

The average value of newly sold homes in April 2016 was $254,467, down from last year's $262,797. This followed a 27.2% fall in March from a year earlier.

From the year-ago figure of $242,235, the average mortgage size on new homes moved up to $251,219. Average mortgage size on new homes went from $240,975 in March 2015 to $181,898 in March 2016.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.

The average unit size of newly sold homes fell from 2,213 square feet a year earlier to 2,069 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 18.8% of closings, below 33.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in April from 12.6% a year earlier while REO closings as a percentage of existing home closings fell to 11.8% from 21.2% a year earlier.

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