In the Panama City, FL market in November, new home closings climbed year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 6 a year earlier to 10 after the figure moved from 16 in October 2014 to 15 in October 2015.
A total of 237 new homes were sold during the 12 months that ended in November, up from 233 for the year that ended in October.
New home closings were 10 of the 353 total closings, up on a percentage basis from 6 of 338 a year earlier. For new and existing homes, closings grew year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $243,031 last year to $257,233. This came after a 9.7% drop in October from a year earlier.
Average mortgage size on new homes increased to $256,936 from $212,946 last year. Average mortgage size jumped 5.7% in October 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes rose from 1,889 square feet a year earlier to 1,953 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 22.4% of existing home closings, down from 30.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.3% in November from 8.7% a year earlier while REO closings as a percentage of existing home closings sank to 15.2% from 22.0% a year earlier.