New home closings in the Fort Walton Beach, FL market fell year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 30 a year earlier to 10 after the figure moved from 33 in June 2014 to 10 in June 2015.

A total of 154 new homes were sold during the 12 months that ended in July, down from 174 for the year that ended in June.

Last year, 30 of 479 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 525 total closings. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.

Pricing and Mortgage Trends

The average new home price was $225,060, down from $287,918 a year earlier. This came after a 31.0% rise in June year-over-year.

Average mortgage size on newly sold homes saw a decline year-over-year from $278,274 to $228,992. Average mortgage size on new homes went from $284,708 in June 2014 to $364,439 in June 2015.

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 fell from 2,837 square feet a year earlier to 1,917 square feet.

Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 32.0% of existing home closings, down from 33.0% a year earlier. The percentage of existing home closings involving foreclosures went from 14.0% in July 2014 to 13.2% in July 2015 and REO closings as a percentage of existing home closings stayed level at 18.8%.

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