The Pensacola, FL market saw a drop in new home closings year-over-year in September, 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.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 10.8% a year earlier. Closings of new and existing homes sank year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $206,169, compared with $214,718 last year. This came after a 23.8% drop in August from a year earlier.
The average mortgage size moved to $172,311, down from last year's $198,604. 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 declined in September from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 34.5% of existing home closings, down from 46.6% a year earlier. The percentage of existing home closings involving foreclosures slid 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.