In the Fort Walton Beach, FL market in January, new home closings dropped year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 29 a year earlier to 14 after the figure moved from 27 in December 2014 to 20 in December 2015.
A total of 285 new homes were sold during the 12 months that ended in January, down from 300 for the year that ended in December.
New home closings were 6.8% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 14 of the 329 total closings. For new and existing homes, closings declined in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $280,257 from $254,958 a year ago. This was on the heels of a 2.7% decline in December from a year earlier.
The average mortgage size on new homes was $267,024, up from $241,324. Average mortgage size slid 11.3% in December 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes rose from 2,167 square feet a year earlier to 2,226 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 35.9% of existing home closings, below 54.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 19.4% in January from 36.3% a year earlier while REO closings as a percentage of existing home closings dropped to 16.5% from 18.5% a year earlier.