New home closings in the Sebastian, FL market slid year-over-year in January, moving south after minimal change in December from the year earlier. New home closings saw a 8.8% decline from a year earlier to 31. Closings were level in December from the year earlier.
A total of 518 new homes were sold during the 12 months that ended in January, down from 521 for the year that ended in December.
New home closings accounted for 9.2% of overall housing closings. This is a lift from 8.0% of closings a year earlier. For new and existing homes, closings sank in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 21.8% in January to $365,488 per unit. This rise is smaller than the 29.0% boost in December year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. The average mortgage size rose to $336,876 in January, marking a 74.9% rise compared with a year earlier. In December 2015, average mortgage size climbed 16.2% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 97.1% of new home closings to 96.8% of closings while attached units have gone from 2.9% of closings to 3.2% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 22.3% of closings, below 41.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.1% in January from 19.7% a year earlier while REO closings as a percentage of existing home closings fell to 10.2% from 22.0% a year earlier.