The Cape Coral, FL market saw a drop in new home closings year-over-year in December, sliding down after a hike in November 2015. New home closings saw a fall of 4.4% from the year earlier to 301. This was after the housing market saw a 4.8% boost year-over-year in November.
A total of 2,972 new homes were sold during the 12 months that ended in December, down from 2,986 for the year that ended in November.
Of 2,167 total closings, 301 were of new homes. This is better than the 12.2% of closings a year earlier. For new and existing homes, closings slid in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes jumped year-over-year 6.7% in December to $381,691 per unit. This hike compares to a 3.6% fall in November from a year earlier.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In December 2015, the average mortgage size was $270,631, up 16.0% from a year earlier. In November 2015, average mortgage size on newly sold homes saw a 6.8% drop from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings climbed from 61.9% of new closings in December 2014 to 68.8% of closings in December 2015. Conversely, the share of new home closings belonging to attached units slid to 31.2% of closings from 38.1% of closings.
The average unit size of newly sold homes went from 2,079 square feet in December 2014 to 2,068 square feet in December 2015. In November, the average size of new homes sold went from 2,101 square feet a year earlier to 2,057 square feet. In November 2015, the average size of newly sold homes fell 2.1% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 14.6% of existing closings, lower than 29.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.9% in December from 13.4% a year earlier while REO closings as a percentage of existing home closings declined to 10.7% from 15.6% a year earlier.