In March, there was a fall year-over-year in new home closings in the Punta Gorda, FL market, and the decline was by a larger percentage than the February 2016. New home closings moved from 22 a year earlier to 3 after the figure moved from 22 in February 2015 to 20 in February 2016.
A total of 272 new homes were sold during the 12 months that ended in March, down from 291 for the year that ended in February.
New home closings were 2.8% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 3 of the 624 total closings. For new and existing homes, closings sank in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $154,133, down from last year's $227,501. This came after a 5.1% gain in February year-over-year.
The average mortgage size moved to $127,936, down from last year's $175,712. In February 2016, average mortgage size jumped 31.6% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,885 square feet a year earlier to 1,378 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 18.4% of existing home closings, below 25.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.4% in March from 10.1% a year earlier while REO closings as a percentage of existing home closings slid to 10.0% from 15.0% a year earlier.