In the Fort Walton Beach, FL market in July, new home closings sank year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 31 a year earlier to 3 after the figure moved from 29 in June 2015 to 13 in June 2016.
A total of 212 new homes were sold during the 12 months that ended in July, down from 240 for the year that ended in June.
New home closings represented 3 out of the 199 total closings, which is a smaller percentage than the 31 of 562 total closings a year earlier. Following a year-over-year decline in June, closings of new and existing homes also dropped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $288,267 from last year's $276,214. This followed a 8.3% surge in June year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $251,696 to $246,046. Average mortgage size on new homes went from $279,983 in June 2015 to $324,813 in June 2016.
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 2,191 square feet a year earlier to 1,965 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 6.6% of existing closings, lower than 35.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.0% in July from 14.5% a year earlier while REO closings as a percentage of existing home closings declined to 4.6% from 20.5% a year earlier.