In the Panama City, FL market in August, closings of new homes declined year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 15 a year earlier to 1 after the figure moved from 18 in July 2014 to 2 in July 2015.
A total of 57 new homes were sold during the 12 months that ended in August, down from 71 for the year that ended in July.
New home closings were 1 out of the 405 total closings, down on a percentage basis from 15 of 428 a year earlier. For new and existing homes, closings sank in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $255,000 from $232,395 a year ago. This came after a 21.8% fall in July from a year earlier.
Average mortgage size on new homes rose from $222,314 to $255,000. Average mortgage size on new homes went from $269,872 in July 2014 to $220,750 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 25.5% of closings, below 28.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.4% in August from 12.3% a year earlier and REO closings moved from 16.0% of existing home closings in August 2014 to 16.1% in August 2015.