In the Panama City, FL market in May, closings of new homes declined year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 32 a year earlier to 7 after the figure moved from 24 in April 2015 to 6 in April 2016.
A total of 169 new homes were sold during the 12 months that ended in May, down from 194 for the year that ended in April.
New home closings were 6.5% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 7 of the 431 total closings. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $264,500, a move from $263,760 a year earlier. This was on the heels of a 3.2% drop in April from a year earlier.
Average mortgage size on new homes went from $238,818 a year earlier to $256,926. Average mortgage size on new homes went from $242,235 in April 2015 to $251,219 in April 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 May 2016.
The average unit size of newly sold homes rose from 2,103 square feet a year earlier to 2,395 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.9% of closings, below 26.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.8% in May from 11.1% a year earlier while REO closings as a percentage of existing home closings slid to 8.0% from 15.8% a year earlier.