In the Port St. Lucie, FL market, new home closings sank year-over-year in December, sliding down after a hike in November 2015. New home closings saw a 13.0% decline from a year earlier to 94. This was after the housing market saw a 13.8% climb year-over-year in November.
A total of 827 new homes were sold during the 12 months that ended in December, down from 841 for the year that ended in November.
New home closings made up 8.5% of overall housing closings. They made up 8.1% of closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also fell year-over-year in December.
Pricing and Mortgage Trends
In December, there was a 7.0% gain year-over-year in the average price of newly sold homes, reaching $374,026 per unit. This hike is smaller than the 18.5% rise in November year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. Average mortgage size sank by 6.0% from a year earlier, settling at $241,049 in December. Average mortgage size gained 4.8% in November 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes jumped from 93.5% in December 2014 to 94.7% of closings in December 2015. Meanwhile, attached units as a percentage of all new home closings dropped to 5.3% of closings from 6.5% of closings.
For all new homes sold, the average unit size increased 6.0% year-over-year to 2,528 square feet in December 2015. In November, the average size of new homes sold went from 2,589 square feet a year earlier to 2,553 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 18.9% of existing closings, lower than 36.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.1% in December from 16.2% a year earlier while REO closings as a percentage of existing home closings sank to 11.8% from 19.8% a year earlier.