Closings of new homes grew year-over-year in April in the Sebastian, FL market, rebounding from a year-over-year decline in March 2016. New home closings saw a 27.8% climb from a year earlier to 46. In comparison, new home closings in the same month last year saw a 9.1% fall year-over-year in March.

A total of 528 new homes were sold during the 12 months that ended in April, up from 518 for the year that ended in March.

New home closings accounted for 9.2% of overall housing closings. This is better than the 6.9% of closings a year earlier. For new and existing homes, closings slid in April after also declining in March year-over-year.

Pricing and Mortgage Trends

In April, the average price of newly sold homes rose 2.6% year-over-year to $265,606 per unit. This rise is smaller than the 25.4% surge in March year-over-year.

For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In April 2016, the average mortgage size on newly sold homes saw a 18.6% rise from a year earlier. In March 2016, average mortgage size grew 26.6% 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 share of new home closings belonging to attached units climbed from no part of closings in April 2015 to 2.2% of closings in April 2016. At the same time, the share belonging to single-family homes declined to 97.8% of closings from all of closings.

The average unit size of newly sold homes declined 1.9% year-over-year to 1,967 square feet in April 2016. This decline was opposite the price bump, a pattern also seen in March 2016 when the average size of newly sold homes slid 40.9% to 1,144 square feet. In March, the average size of new homes sold went from 1,935 square feet a year earlier to 1,144 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 13.9% of existing closings, lower than 22.8% a year earlier. The percentage of existing home closings involving foreclosures went from 6.2% in April 2015 to 5.3% in April 2016 and REO closings as a percentage of existing home closings declined to 8.6% from 16.7% a year earlier.

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