In the Panama City, FL market in January, new home closings declined year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 11 a year earlier to 8 after the figure moved from 21 in December 2014 to 11 in December 2015.
A total of 229 new homes were sold during the 12 months that ended in January, down from 232 for the year that ended in December.
Out of the 298 total closings, 8 were new home closings. This is consistent on a percentage basis with a year earlier. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $216,750, down from $255,719 a year earlier. This was on the heels of a 4.1% drop in December from a year earlier.
Average mortgage size on new homes fell from $243,194 to $216,775. Average mortgage size on new homes went from $287,343 in December 2014 to $259,700 in December 2015.
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 2,136 square feet a year earlier to 1,808 square feet.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 25.9% of existing home closings, down from 41.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.0% in January from 24.0% a year earlier while REO closings as a percentage of existing home closings dropped to 15.9% from 17.0% a year earlier.