In the Fort Walton Beach, FL market, new home closings dropped year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 23 a year earlier to 16 after the figure moved from 29 in January 2015 to 14 in January 2016.
A total of 278 new homes were sold during the 12 months that ended in February, down from 285 for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 4.3%. This is a drop 5.6% of closings a year earlier. For new and existing homes, closings dropped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes climbed 88.3% year-over-year to $483,520 per unit. This bump is higher than the 9.9% lift in January year-over-year.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. The average mortgage size rose to $268,906 in February, marking a 15.5% bump compared with a year earlier. Average mortgage size on new homes went from $241,324 in January 2015 to $267,024 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes gained 18.8% year-over-year to 2,674 square feet in February 2016. An increase was also seen in January 2016 when the average size of new homes sold grew 2.7% to 2,226 square feet. In January, the average size of new homes sold went from 2,167 square feet a year earlier to 2,226 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 18.9% of existing closings, lower than 41.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.5% in February from 16.2% a year earlier while REO closings as a percentage of existing home closings sank to 14.5% from 24.7% a year earlier.