The Fort Walton Beach, FL market saw a drop in new home closings year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 29 a year earlier to 13 after the figure moved from 21 in May 2015 to 14 in May 2016.

A total of 240 new homes were sold during the 12 months that ended in June, down from 256 for the year that ended in May.

New home closings represented 13 out of the 482 total closings, which is a smaller percentage than the 29 of 596 total closings a year earlier. Closings of new and existing homes fell year-over-year in June after also falling in May year-over-year.

Pricing and Mortgage Trends

The average new home value went from $309,296 last year to $334,831. This was on the heels of a 22.9% bump in May year-over-year.

From the year-ago figure of $279,983, the average mortgage size on new homes moved up to $324,813. Average mortgage size on new homes went from $260,804 in May 2015 to $248,609 in May 2016.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes fell from 2,379 square feet a year earlier to 2,097 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.9% of closings, below 30.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.8% in June from 14.5% a year earlier while REO closings as a percentage of existing home closings dropped to 10.0% from 15.9% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Fort Walton Beach, FL area.