The Sebastian, FL market saw no change in new home closings year-over-year in November, evening out after a gain in October from the year earlier. Closings were unchanged from last year at 37. There was a jump of 7.7% in new home closings in the same month last year.
A total of 518 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.
New home closings represented 11.7% of overall housing closings. This is a boost from 9.3% of closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also fell year-over-year in November.
Pricing and Mortgage Trends
In November, the average price of newly sold homes increased 6.2% year-over-year to $251,479 per unit. This gain is higher than the 4.8% boost in October year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In November 2015, average mortgage size rose 16.4% from a year earlier to $205,162. In October 2015, average mortgage size on newly sold homes saw a 8.1% bump year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings gained from 97.3% of new closings in November 2014 to all of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings slid to no part of closings from 2.7% of closings.
For all new homes sold, the average unit size increased 30.1% year-over-year to 2,722 square feet in November 2015. The average size of newly sold homes moved from 2,145 square feet in October 2014 to 1,646 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.9% of closings, below 35.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.4% in November from 17.4% a year earlier while REO closings as a percentage of existing home closings fell to 11.5% from 18.5% a year earlier.