New home closings sank year-over-year in June in the Panama City, FL market, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to none after the figure moved from 32 in May 2015 to 7 in May 2016.
New home closings were 3.3% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 57 total closings. Following a year-over-year decline in May, closings of new and existing homes also declined year-over-year in June.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,100 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 5.3% of closings, below 24.8% a year earlier. The percentage of existing home closings involving foreclosures slid to no part in June from 10.6% a year earlier while REO closings as a percentage of existing home closings sank to 5.3% from 14.2% a year earlier.