New home closings fell year-over-year in May in the Fort Walton Beach, FL market, but the decline was less than the year-over-year decline in April. New home closings moved from 21 a year earlier to 14 after the figure moved from 25 in April 2015 to 16 in April 2016.
A total of 256 new homes were sold during the 12 months that ended in May, down from 263 for the year that ended in April.
New home closings were 14 out of the 476 total closings, down on a percentage basis from 21 of 517 a year earlier. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $332,038 from $270,236 a year ago. This came after a 10.7% bump in April year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $260,804 to $248,609. In April 2016, average mortgage size on newly sold homes saw a 14.2% drop from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,166 square feet a year earlier to 2,138 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 14.3% of closings, below 31.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.0% in May from 14.5% a year earlier while REO closings as a percentage of existing home closings slid to 11.3% from 17.1% a year earlier.