In the Punta Gorda, FL market, closings of new homes declined year-over-year in April, a decline following a rise in March 2016. New home closings moved from 26 a year earlier to 13 after the figure moved from 22 in March 2015 to 23 in March 2016.
A total of 279 new homes were sold during the 12 months that ended in April, down from 292 for the year that ended in March.
13 of the 668 total closings were new home closings, a shift on a percentage basis from 26 out of 886 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 per-unit price of new homes was $204,823, compared with $208,281 last year. This was on the heels of a 8.9% decline in March from a year earlier.
Average mortgage size on new homes fell from $163,494 to $161,645. Average mortgage size fell 8.8% in March 2016 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,941 square feet a year earlier to 2,255 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 12.4% of existing home closings, down from 24.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.6% in April from 8.6% a year earlier while REO closings as a percentage of existing home closings sank to 7.8% from 16.0% a year earlier.