In the Punta Gorda, FL market, closings of new homes rose year-over-year in July, rebounding from a year-over-year decline in June 2015. New home closings moved from 13 a year earlier to 17 after the figure moved from 16 in June 2014 to 15 in June 2015.
A total of 193 new homes were sold during the 12 months that ended in July, up from 189 for the year that ended in June.
17 of the 618 total closings were new home closings, a shift on a percentage basis from 13 out of 650 a year earlier. For new and existing homes, closings fell in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $211,495, up from $167,560 a year earlier. This followed a move from $197,690 per unit in June 2014 to $196,055 in June 2015.
Average mortgage size on new homes went from $134,266 a year earlier to $159,843. Average mortgage size jumped 5.7% in June 2015 from a year earlier.
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 rose from 1,808 square feet a year earlier to 2,138 square feet.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 27.0% of existing closings, lower than 39.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.5% in July from 21.4% a year earlier while REO closings as a percentage of existing home closings declined to 15.5% from 17.9% a year earlier.