There was an increase in new home closings in the Sebastian, FL market in February year-over-year, bouncing back from a drop in January 2016. Closings rose 9.1% from a year earlier to 36. This came on the heels of a 8.8% fall year-over-year in January.
A total of 521 new homes were sold during the 12 months that ended in February, up from 518 for the year that ended in January.
New home closings represented 9.7% of overall housing closings. This is better than the 8.0% of closings a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 8.2% rise year-over-year in February to $257,907 per unit. This lift is smaller than the 21.8% hike in January year-over-year.
In February 2016, average mortgage size on new homes went from $172,479 in February 2015 to $172,948 in February 2016. Average mortgage size climbed 74.9% in January 2016 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. The share of new home closings belonging to attached units gained from no part of closings in February 2015 to 2.8% of closings in February 2016. Meanwhile, single-family home closings as a percentage of all new home closings sank to 97.2% of closings from all of closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 19.0% of existing home closings, below 32.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.9% in February from 12.3% a year earlier while REO closings as a percentage of existing home closings declined to 10.1% from 20.2% a year earlier.