Closings of new homes in the Palm Bay, FL market dropped year-over-year in July, swinging downward off a year-over-year bump in June 2015. Closings slumped 15.7% from a year earlier to 70. This came on the heels of a 14.4% jump year-over-year in June.
A total of 968 new homes were sold during the 12 months that ended in July, down from 981 for the year that ended in June.
Out of all housing closings, new home closings represented 4.3%. A year earlier, new home closings represented 5.0% of total closings. For new and existing homes, closings slid in July after also declining in June year-over-year.
Pricing and Mortgage Trends
In July, there was a 7.4% hike year-over-year in the average price of newly sold homes, reaching $254,543 per unit. This lift is smaller than the 21.3% gain in June year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. In July 2015, the average mortgage size on newly sold homes saw a 6.8% boost from a year earlier. In June 2015, average mortgage size on newly sold homes saw a 13.2% gain year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 79.5% in July 2014 to 91.4% of closings in July 2015. Conversely, the share of new home closings belonging to attached units fell to 8.6% of closings from 20.5% of closings.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 33.2% of existing home closings, down from 44.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.1% in July from 20.5% a year earlier while REO closings as a percentage of existing home closings slid to 20.2% from 23.7% a year earlier.