New home closings declined year-over-year in July in the Port St. Lucie, FL market, moving downward after a boost in June 2015. Closings declined 42.9% from a year earlier to 36. This was after the housing market saw a 19.7% climb year-over-year in June.
A total of 636 new homes were sold during the 12 months that ended in July, down from 663 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 3.4%. This is a fall 4.5% of closings a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 17.0% in July to $368,430 per unit. This lift is smaller than the 29.0% boost in June year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. In July 2015, the average mortgage size was $294,339, a 8.7% gain from a year earlier. In June 2015, average mortgage size on newly sold homes saw a 28.8% rise year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have dipped. Attached unit closings grew from 9.5% of all closings in July 2014 to 13.9% of closings in July 2015. At the same time, the share belonging to single-family homes dropped to 86.1% of closings from 90.5% of closings.
There was a 3.4% drop year-over-year in the average unit size of newly sold homes to 1,954 square feet in July 2015. For newly sold homes, an average size fall contrasting with an average price boost was also seen in June 2015 when the average size of newly sold homes fell 24.5% to 1,914 square feet. In June, the average size of new homes sold went from 2,535 square feet a year earlier to 1,914 square feet.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented a quarter of existing closings, lower than 43.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.0% in July from 21.5% a year earlier while REO closings as a percentage of existing home closings slid to 16.0% from 21.9% a year earlier.