New home closings in the Sebastian, FL market remained steady year-over-year in September, evening out after a lift in August from the year earlier. Closings remained steady from a year earlier at 54. New home closings increased 15.0%in August year-over-year.

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.

New home closings represented 11.1% of overall housing closings. A year earlier, new home closings made up 11.2% of total closings. Closings of new and existing homes climbed year-over-year in September after also rising in August year-over-year.

Pricing and Mortgage Trends

In September, the average price of newly sold homes jumped year-over-year to $262,846 per unit, a 2.6% rise. This gain is smaller than the 23.1% boost in August year-over-year.

For newly sold homes, the average mortgage size rose year-over-year along with new home prices. Average mortgage size grew 13.5% to $188,854 in September from a year earlier. In August 2015, average mortgage size increased 17.6% 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 jumped from 96.3% of new closings in September 2014 to 98.1% of closings in September 2015. Conversely, the share of new home closings belonging to attached units fell to 1.9% of closings from 3.7% of closings.

For all new homes sold, the average unit size dropped 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 fell in September from a year earlier, but remained 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 declined to 7.4% in September from 26.8% a year earlier while REO closings as a percentage of existing home closings increased to 22.1% from 17.5%.

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