In June, closings of new homes gained year-over-year in the Sebastian, FL market, and the percentage bump was better than May 2016, suggesting the market may be strengthening. New home closings saw a 9.3% boost from a year earlier to 59. This was after the housing market saw a 5.1% climb year-over-year in May.
A total of 535 new homes were sold during the 12 months that ended in June, up from 530 for the year that ended in May.
New home closings accounted for 11.7% of overall housing closings. This is an increase on a percentage basis, as new home closings were 9.1% of total closings a year ago. Closings of new and existing homes dropped year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 12.3% bump year-over-year to $262,883 per unit in June. This gain is smaller than the 24.8% surge in May year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In June 2016, there was a 18.5% hike in the average mortgage size, reaching $212,461. In May 2016, average mortgage size rose 36.3% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings gained from no part of all closings in June 2015 to 3.4% of closings in June 2016. Meanwhile, single-family home closings as a percentage of all new home closings sank to 96.6% of closings from all of closings.
There was a 29.5% lift year-over-year in the average unit size of newly sold homes to 2,705 square feet in June 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 11.4% of existing home closings, down from 29.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.8% in June from 9.6% a year earlier while REO closings as a percentage of existing home closings fell to 5.6% from 20.1% a year earlier.