New home closings in the Fort Walton Beach, FL market dropped year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 24 a year earlier to 7 after the figure moved from 30 in July 2014 to 10 in July 2015.

A total of 141 new homes were sold during the 12 months that ended in August, down from 158 for the year that ended in July.

New home closings were 6.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 7 of the 436 total closings. Closings of new and existing homes increased year-over-year in August after also rising in July year-over-year.

Pricing and Mortgage Trends

The average new home price was $288,986, up from $261,304 a year earlier. This followed a 21.8% decline in July from a year earlier.

Average mortgage size on new homes went from $246,184 a year earlier to $300,454. Average mortgage size on new homes went from $278,274 in July 2014 to $228,992 in July 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 fell from 2,390 square feet a year earlier to 1,909 square feet.

Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 28.0% of existing home closings, down from 42.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.2% in August from 23.3% a year earlier while REO closings as a percentage of existing home closings dropped to 16.8% from 19.6% a year earlier.

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