In the Port St. Lucie, FL market in August, closings of new homes slid year-over-year, and the market seemed to be worsening in light of the percentage fall steeper than July 2015. New home closings saw a decline of 37.1% from the year earlier to 39. This came on the heels of a 28.6% drop year-over-year in July.
A total of 625 new homes were sold during the 12 months that ended in August, down from 648 for the year that ended in July.
As a percentage of overall housing closings, new home closings represented 3.4%. This is down from the 4.8% of closings a year earlier. Following a year-over-year decline in July, closings of new and existing homes also dropped year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in August to $400,749 per unit, a rise of 23.4%. This hike is higher than the 8.9% boost in July year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In August 2015, average mortgage size grew 5.6% from a year earlier to $256,073. Average mortgage size climbed 1.9% in July 2015 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings gained from 11.3% of all closings in August 2014 to 33.3% of closings in August 2015. Conversely, the share belonging to single-family homes declined to 66.7% of closings from 88.7% of closings.
There was a 18.9% drop year-over-year in the average unit size of newly sold homes to 2,027 square feet in August 2015. For newly sold homes, an average size fall contrasting with an average price hike was also seen in July 2015 when the average size of newly sold homes dropped 5.3% to 1,915 square feet. In July, the average size of new homes sold went from 2,023 square feet a year earlier to 1,915 square feet.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 29.9% of existing closings, lower than 40.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.8% in August from 17.0% a year earlier while REO closings as a percentage of existing home closings slid to 20.1% from 23.7% a year earlier.