New home closings in the Sebastian, FL market were unchanged year-over-year in December, staying consistent after having increased in November from the year earlier. New home closings stayed level from a year earlier at 48. New home closings increased 5.4%in November year-over-year.
A total of 520 new homes were sold during the 12 months that ended in December, equal to the number of new homes sold for the year that ended in November.
Of 390 total closings, 48 were of new homes. This is better than the 9.9% of closings a year earlier. Closings of new and existing homes fell year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 29.0% boost year-over-year to $308,858 per unit in December. This hike is an improvement over the 7.4% bump in November year-over-year.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. In December 2015, the average mortgage size on newly sold homes saw a 16.2% boost from a year earlier. Average mortgage size increased 17.9% in November 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have slumped. Attached unit closings climbed from no part of all closings in December 2014 to 6.2% of closings in December 2015. Meanwhile, single-family home closings as a percentage of all new home closings sank to 93.8% of closings from all of closings.
The average unit size of newly sold homes increased 21.2% year-over-year to 2,546 square feet in December 2015. An increase in both the average size and price of newly sold homes was also seen in November 2015 when the average size grew 30.1% to 2,722 square feet. The average size of newly sold homes moved from 2,092 square feet in November 2014 to 2,722 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 20.5% of existing home closings, down from 28.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.4% in December from 8.7% a year earlier while REO closings as a percentage of existing home closings slid to 16.1% from 19.8% a year earlier.