New home closings declined year-over-year in July in the Panama City, FL market, and the decline was by a larger percentage than the June 2015. New home closings moved from 18 a year earlier to 2 after the figure moved from 11 in June 2014 to 2 in June 2015.
A total of 71 new homes were sold during the 12 months that ended in July, down from 87 for the year that ended in June.
New home closings represented 2 out of the 449 total closings, which is a smaller percentage than the 18 of 506 total closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $235,000, compared with $300,407 last year. This came after a 22.0% fall in June from a year earlier.
The average mortgage size went down to $220,750 from $269,872 a year earlier. It went from $273,318 to $272,740 from June 2014 to June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes fell from 2,286 square feet a year earlier to 2,054 square feet.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 29.1% of existing home closings, down from 36.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.6% in July from 19.7% a year earlier and REO closings moved from 16.4% of existing home closings in July 2014 to 15.4% in July 2015.