In the Sebastian, FL market, closings of new homes declined year-over-year in March, swinging downward off a year-over-year bump in February 2016. Closings declined 69.1% from a year earlier to 17. This came on the heels of a 9.1% boost year-over-year in February.
A total of 483 new homes were sold during the 12 months that ended in March, down from 521 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 4.4%. This is a fall 8.9% of closings a year earlier. For new and existing homes, closings dropped in March after also declining in February year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 43.0% rise year-over-year to $322,455 per unit in March. This lift is an improvement over the 8.2% surge in February year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. It gained to $209,404 in March, a 24.9% bump. It went from $172,479 to $172,948 from February 2015 to February 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 March 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size declined 33.2% year-over-year to 1,292 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 13.4% of existing home closings, below 31.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.1% in March from 9.0% a year earlier while REO closings as a percentage of existing home closings slid to 9.3% from 22.7% a year earlier.