In the Palm Bay, FL market in December, new home closings slid year-over-year, a move downward following a gain in November 2015. New home closings saw a 12.6% drop from a year earlier to 76. This came after a 36.8% hike year-over-year in November.
A total of 1,080 new homes were sold during the 12 months that ended in December, down from 1,091 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 5.5% of overall housing closings. A year earlier, new home closings accounted for 5.8% of total closings. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 17.5% rise year-over-year to $284,347 per unit in December. This lift is better than the 2.0% rise in November year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. In December 2015, the average mortgage size was $249,118, a 15.8% boost from a year earlier. Average mortgage size grew 2.1% in November 2015 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes increased from 85.1% in December 2014 to 92.1% of closings in December 2015. Meanwhile, attached units as a percentage of all new home closings sank to 7.9% of closings from 14.9% of closings.
The average unit size of newly sold homes dropped 2.6% year-over-year to 2,137 square feet in December 2015. The average size of newly sold homes moved from 2,170 square feet in November 2014 to 2,261 square feet in November 2015.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 27.6% of existing home closings, below 42.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 12.3% in December from 19.3% a year earlier while REO closings as a percentage of existing home closings fell to 15.2% from 22.8% a year earlier.