In July, there was a drop year-over-year in new home closings in the Pensacola, FL market, and the decline was by a larger percentage than the June 2015. New home closings moved from 103 a year earlier to 11 after the figure moved from 75 in June 2014 to 13 in June 2015.
A total of 420 new homes were sold during the 12 months that ended in July, down from 512 for the year that ended in June.
New home closings were 11.0% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 11 of the 976 total closings. For new and existing homes, closings jumped year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $160,274, compared with $211,329 last year. This followed a 12.4% drop in June from a year earlier.
Average mortgage size on new homes fell from $201,638 to $161,085. Average mortgage size on new homes went from $216,158 in June 2014 to $190,055 in June 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 July 2015.
The average unit size of newly sold homes fell from 1,992 square feet a year earlier to 1,565 square feet.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 34.5% of existing home closings, below 39.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.0% in July from 17.5% a year earlier while REO closings as a percentage of existing home closings fell to 19.5% from 22.0% a year earlier.