In the Panama City, FL market, closings of new homes dropped year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 24 a year earlier to 6 after the figure moved from 39 in March 2015 to 8 in March 2016.
A total of 194 new homes were sold during the 12 months that ended in April, down from 212 for the year that ended in March.
New home closings were 5.2% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 6 of the 346 total closings. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $254,467, down from last year's $262,797. This was on the heels of a 27.2% drop in March from a year earlier.
Average mortgage size on new homes rose from $242,235 to $251,219. Average mortgage size on new homes went from $240,975 in March 2015 to $181,898 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 2,213 square feet a year earlier to 2,069 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 18.8% of closings, below 33.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.1% in April from 12.6% a year earlier while REO closings as a percentage of existing home closings slid to 11.8% from 21.2% a year earlier.