In the Punta Gorda, FL market, closings of new homes jumped year-over-year in January, an upward turn from a decline in December 2015. New home closings saw a rise of 6.2% from the year earlier to 17. This was after the housing market saw a 19.4% decline year-over-year in December.
A total of 284 new homes were sold during the 12 months that ended in January, up from 283 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 3.8% of overall housing closings. A year ago, 2.8% of total closings were new home closings. For new and existing homes, closings slid in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 21.1% in January to $223,027 per unit. This lift compares to a 4.8% decline in December from a year earlier.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. The average mortgage size rose to $186,974 in January, marking a 34.5% boost compared with a year earlier. In December 2015, average mortgage size on newly sold homes saw a 5.3% fall from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. Attached unit closings increased from no part of all closings in January 2015 to 17.6% of closings in January 2016. At the same time, the share belonging to single-family homes sank to 82.4% of closings from all of closings.
For all new homes sold, the average unit size declined 37.1% year-over-year to 1,020 square feet in January 2016. The average size of newly sold homes moved from 2,000 square feet in December 2014 to 2,022 square feet in December 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 19.9% of closings, below 37.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.2% in January from 22.5% a year earlier while REO closings as a percentage of existing home closings declined to 9.7% from 15.4% a year earlier.