New home closings in the Sebastian, FL market were unchanged year-over-year in September, evening out after a surge in August from the year earlier. Closings remained steady from a year earlier at 54. In the same month last year, closings rose 15.0%.

A total of 490 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.

Of the total number of closings, new home closings made up 11.1%. A year ago, new home closings made up 11.2%. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.

Pricing and Mortgage Trends

The average price of new homes rose year-over-year 2.6% in September to $262,846 per unit. This rise is smaller than the 23.1% boost in August year-over-year.

There was a gain year-over-year in the average mortgage size on new homes along with new home prices. In September 2015, the average mortgage size was $188,854, up 13.5% from a year earlier. In August 2015, average mortgage size on newly sold homes saw a 17.6% surge year-over-year from a year earlier.

Other Market Trends

Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes gained from 96.3% in September 2014 to 98.1% of closings in September 2015. Meanwhile, attached units as a percentage of all new home closings declined to 1.9% of closings from 3.7% of closings.

For all new homes sold, the average unit size fell 25.8% year-over-year to 1,481 square feet in September 2015. In August, the average size of new homes sold went from 1,659 square feet a year earlier to 3,165 square feet.

Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 29.5% of existing home closings, below 44.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.4% in September from 26.8% a year earlier while REO closings as a percentage of existing home closings grew to 22.1% from 17.5%.

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