In the Panama City, FL market, new home closings declined year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 39 a year earlier to 8 after the figure moved from 14 in February 2015 to 8 in February 2016.
A total of 212 new homes were sold during the 12 months that ended in March, down from 243 for the year that ended in February.
New home closings were 8 out of the 415 total closings, down on a percentage basis from 39 of 467 a year earlier. For new and existing homes, closings sank in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $200,100, down from $274,862 a year earlier. This came after a 6.4% rise in February year-over-year.
Average mortgage size on new homes fell from $240,975 to $181,898. Average mortgage size on new homes went from $219,705 in February 2015 to $256,437 in February 2016.
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 fell from 2,154 square feet a year earlier to 1,888 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 21.6% of existing home closings, down from 32.5% a year earlier. The percentage of existing home closings involving foreclosures stayed at 9.6% of closings in March from a year earlier while REO closings as a percentage of existing home closings dropped to 12.0% from 22.9% a year earlier.