Closings of new homes declined year-over-year in July in the Cape Coral, FL market, drawing a downward slope after remaining relatively stable in June from the year earlier. New home closings saw a fall of 14.8% from a year earlier to 201. Closings were level in June from the year earlier.
A total of 2,676 new homes were sold during the 12 months that ended in July, down from 2,711 for the year that ended in June.
New home closings accounted for 8.4% of overall housing closings. This is a drop 10.5% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also increased year-over-year in July.
Pricing and Mortgage Trends
In July, there was a 9.6% gain year-over-year in the average price of newly sold homes, reaching $351,957 per unit. This lift is smaller than the 25.8% rise in June year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. The average mortgage size saw a 16.0% lift year-over-year to $254,134 in July. Average mortgage size jumped 19.7% in June 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 61.0% of new closings in July 2014 to 68.2% of closings in July 2015. Meanwhile, attached units as a percentage of all new home closings fell to 31.8% of closings from 39.0% of closings.
There was a 5.1% decline year-over-year in the average unit size of newly sold homes to 1,892 square feet in July 2015. The average size of newly sold homes moved from 2,013 square feet in June 2014 to 2,106 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 24.3% of existing home closings, below 33.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.3% in July from 15.3% a year earlier while REO closings as a percentage of existing home closings fell to 14.0% from 17.8% a year earlier.