In April, there was a decline year-over-year in new home closings in the Port St. Lucie, FL market, a shift downward off a boost in March 2016. Closings declined 11.1% from a year earlier to 40. This was after the housing market saw a 4.8% climb year-over-year in March.
A total of 829 new homes were sold during the 12 months that ended in April, down from 834 for the year that ended in March.
New home closings, which made up 3.3% of overall closings, were relatively stable compared with a year earlier. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $363,250 in April, up 11.3% from last year. This surge compares to a 3.1% fall in March from a year earlier.
For newly sold homes, average mortgage size moved from $269,974 in April 2015 to $269,262 in April 2016. It went from $223,639 to $223,023 from March 2015 to March 2016.
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. The share of new home closings belonging to attached units rose from 15.6% of closings in April 2015 to a quarter of closings in April 2016. At the same time, the share belonging to single-family homes fell to three quarters of closings from 84.4% of closings.
There was a 3.7% bump year-over-year in the average unit size of newly sold homes to 2,854 square feet in April 2016. The average size of newly sold homes moved from 2,331 square feet in March 2015 to 2,128 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 15.7% of existing home closings, below 30.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.4% in April from 13.7% a year earlier while REO closings as a percentage of existing home closings fell to 10.3% from 17.1% a year earlier.