In the Pensacola, FL market in September, new home closings sank year-over-year, and the decline was by a larger percentage than the August 2015. New home closings moved from 98 a year earlier to 13 after the figure moved from 80 in August 2014 to 11 in August 2015.
A total of 295 new homes were sold during the 12 months that ended in September, down from 380 for the year that ended in August.
Last year, 98 of 905 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 766 total closings. For new and existing homes, closings declined in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $206,169, down from $214,718 a year earlier. This was on the heels of a 23.8% drop in August from a year earlier.
There was a decline in average mortgage size on new homes, going from $198,604 last year to $172,311 in September 2015. Average mortgage size on new homes went from $206,926 in August 2014 to $166,168 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes fell from 2,143 square feet a year earlier to 1,995 square feet.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 34.5% of existing closings, lower than 46.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.3% in September from 27.1% a year earlier and REO closings moved from 19.5% of existing home closings in September 2014 to 20.2% in September 2015.