Closings of new homes in the Fort Walton Beach, FL market dropped year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 14 a year earlier to 8 after the figure moved from 7 in November 2014 to 6 in November 2015.

A total of 104 new homes were sold during the 12 months that ended in December, down from 110 for the year that ended in November.

New home closings were 8 out of the 392 total closings, a move on a percentage basis from 14 of 487 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also sank year-over-year in December.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $315,838 from $298,671 a year ago. This followed a 15.0% drop in November from a year earlier.

There was a decline in average mortgage size on new homes, going from $266,547 last year to $261,142 in December 2015. Average mortgage size on new homes went from $275,727 in November 2014 to $220,941 in November 2015.

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 2,660 square feet a year earlier to 1,486 square feet.

Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 27.3% of existing home closings, below 38.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.6% in December from 16.5% a year earlier while REO closings as a percentage of existing home closings dropped to 18.8% from 21.8% a year earlier.

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