Closings of new homes in the Port St. Lucie, FL market climbed year-over-year in September, but the percentage edged up less than August 2015, suggesting the market may be leveling out. New home closings saw a 3.0% jump from a year earlier to 69. This was after the housing market saw a 11.3% jump year-over-year in August.
A total of 680 new homes were sold during the 12 months that ended in September, up from 678 for the year that ended in August.
Of 1,124 total closings, 69 were of new homes. This is an increase on a percentage basis, as new home closings were 5.1% of total closings a year ago. Following a year-over-year decline in August, closings of new and existing homes also sank year-over-year in September.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 19.5% year-over-year in September to $384,068 per unit. This hike is higher than the 15.3% boost in August year-over-year.
The average mortgage size on newly sold homes dropped year-over-year in contrast to the average price of new homes. In September 2015, there was a 5.3% fall in the average mortgage size on new homes to $255,877. In August 2015, average mortgage size on newly sold homes saw a 6.6% lift year-over-year 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. Attached unit closings climbed from 6.0% of all closings in September 2014 to 8.7% of closings in September 2015. Meanwhile, single-family home closings as a percentage of all new home closings fell to 91.3% of closings from 94.0% of closings.
The average unit size of newly sold homes dropped 17.5% year-over-year to 2,364 square feet in September 2015. This drop was opposite the price gain, a pattern also seen in August 2015 when the average size of newly sold homes declined 9.6% to 2,260 square feet. The average size of newly sold homes moved from 2,500 square feet in August 2014 to 2,260 square feet in August 2015.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 28.6% of closings, below 42.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.5% in September from 17.5% a year earlier while REO closings as a percentage of existing home closings fell to 18.1% from 24.5% a year earlier.