The Naples, FL market saw an increase in closings of new homes in November year-over-year, but the percentage boost, which was less than October 2015, seemed to suggest market leveling. New home closings saw a 31.2% climb from a year earlier to 231. This was after the housing market saw a 34.6% climb year-over-year in October.
A total of 2,243 new homes were sold during the 12 months that ended in November, up from 2,188 for the year that ended in October.
Of 1,120 total closings, 231 were of new homes. This is an increase on a percentage basis, as new home closings were 15.7% of total closings a year ago. Closings of new and existing homes stayed level after increasing in October year-over-year.
Pricing and Mortgage Trends
In November, there was a 4.1% boost year-over-year in the average price of newly sold homes, reaching $581,412 per unit. This boost follows a move from $602,605 per unit to $597,390 from October 2014 to October 2015.
Average mortgage size on new homes gained year-over-year along with new home prices. In November 2015, the average mortgage size was $389,688, up 12.1% from a year earlier. In October 2015, average mortgage size rose 9.6% from a year earlier.
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. Attached unit closings jumped from 19.3% of all closings in November 2014 to 22.5% of closings in November 2015. At the same time, the share belonging to single-family homes declined to 77.5% of closings from 80.7% of closings.
For all new homes sold, the average unit size grew 3.5% year-over-year to 2,345 square feet in November 2015. The average size of newly sold homes moved from 2,382 square feet in October 2014 to 2,051 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 12.8% of closings, below 22.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.5% in November from 10.5% a year earlier while REO closings as a percentage of existing home closings fell to 7.3% from 12.3% a year earlier.