In the Punta Gorda, FL market, new home closings increased year-over-year in September,. Closings stood at 17 in September after being 11 a year earlier and remaining unchanged at 12 in August from a year earlier.
A total of 210 new homes were sold during the 12 months that ended in September, up from 204 for the year that ended in August.
New home closings were 17 out of the 640 total closings, a move on a percentage basis from 11 of 563 a year earlier. Closings of new and existing homes jumped year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $207,759, down from $218,361 a year earlier. This came after a 1.8% drop in August from a year earlier.
The average mortgage size went down to $154,452 from $215,817 a year earlier. Average mortgage size on new homes went from $141,533 in August 2014 to $189,280 in August 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,708 square feet a year earlier to 1,158 square feet.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 27.1% of existing home closings, down from 40.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.6% in September from 20.3% a year earlier while REO closings as a percentage of existing home closings dropped to 16.5% from 19.7% a year earlier.