In the Pensacola, FL market in November, closings of new homes declined year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 44 a year earlier to 4 after the figure moved from 70 in October 2014 to 9 in October 2015.
A total of 193 new homes were sold during the 12 months that ended in November, down from 233 for the year that ended in October.
Last year, 44 of 708 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 631 total closings. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $269,306 from last year's $195,858. This was on the heels of a 21.0% decline in October from a year earlier.
The average mortgage size on new homes was $282,108, up from $182,857. Average mortgage size on new homes went from $206,672 in October 2014 to $142,267 in October 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 November 2015.
The average unit size of newly sold homes rose from 1,839 square feet a year earlier to 2,336 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 34.8% of existing closings, lower than 44.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.0% in November from 26.5% a year earlier while REO closings as a percentage of existing home closings grew to 20.7% from 17.9%.