New home closings in the Fort Walton Beach, FL market slid year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 7 a year earlier to 6 after the figure moved from 22 in October 2014 to 3 in October 2015.

A total of 110 new homes were sold during the 12 months that ended in November, down from 111 for the year that ended in October.

Out of the 314 total closings, 6 were new home closings. This is consistent on a percentage basis with a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $245,300, compared with $288,543 last year. This was on the heels of a 43.6% lift in October year-over-year.

The average mortgage size went down to $220,941 from $275,727 a year earlier. Average mortgage size on new homes went from $235,521 in October 2014 to $356,134 in October 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 2,048 square feet a year earlier to 1,780 square feet.

Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 30.5% of existing home closings, down from 39.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.1% in November from 18.2% a year earlier and REO closings moved from 21.0% of existing home closings in November 2014 to 21.4% in November 2015.

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