New home closings in the Naples, FL market increased year-over-year in April, but the percentage edged up less than March 2016, suggesting the market may be leveling out. New home closings saw a 5.7% jump from a year earlier to 185. This followed a 32.0% hike year-over-year in March.
A total of 2,705 new homes were sold during the 12 months that ended in April, up from 2,695 for the year that ended in March.
Of 1,428 total closings, 185 were of new homes. This marks a rise from 9.3% of total closings a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 9.4% year-over-year in April to $594,590 per unit. This hike is higher than the 2.9% boost in March year-over-year.
Average mortgage size on new homes slid year-over-year in contrast to new home prices. It declined 3.7% in April from a year earlier to $331,708. In March 2016, average mortgage size grew 2.8% 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 16.6% of all closings in April 2015 to 32.4% of closings in April 2016. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 67.6% of closings from 83.4% of closings.
The average unit size of newly sold homes went from 2,282 square feet in April 2015 to 2,291 square feet in April 2016. In March 2016, the average size of newly sold homes sank 7.5% from the year earlier. In March, the average size of new homes sold went from 2,327 square feet a year earlier to 2,153 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 9.8% of existing home closings, down from 15.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.9% in April from 6.8% a year earlier while REO closings as a percentage of existing home closings dropped to 6.0% from 8.4% a year earlier.