In the Fort Walton Beach, FL market in September, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in August. New home closings moved from 19 a year earlier to 5 after the figure moved from 33 in August 2014 to 5 in August 2015.
A total of 132 new homes were sold during the 12 months that ended in September, down from 146 for the year that ended in August.
New home closings represented 5 out of the 452 total closings, which is a smaller percentage than the 19 of 448 total closings a year earlier. Closings of new and existing homes remained steady in September after being unchanged in August from a year earlier.
Pricing and Mortgage Trends
The average new home value went from $239,890 last year to $265,120. This was on the heels of a 13.1% gain in August year-over-year.
From the year-ago figure of $232,062, the average mortgage size on new homes moved up to $253,553. Average mortgage size on new homes went from $243,766 in August 2014 to $304,439 in August 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,867 square feet a year earlier to 2,020 square feet.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 34.5% of closings, below 38.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.2% in September from 20.0% a year earlier while REO closings as a percentage of existing home closings jumped to 23.3% from 18.2%.