In the Fort Walton Beach, FL market, closings of new homes sank year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 29 a year earlier to 13 after the figure moved from 21 in May 2015 to 14 in May 2016.
A total of 240 new homes were sold during the 12 months that ended in June, down from 256 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 2.7% from 4.9% a year earlier. For new and existing homes, closings fell in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $334,831 from last year's $309,296. This followed a 22.9% hike in May year-over-year.
The average mortgage size on new homes was $324,813, up from $279,983. Average mortgage size on new homes went from $260,804 in May 2015 to $248,609 in May 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 2,379 square feet a year earlier to 2,097 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 13.9% of closings, below 30.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.8% in June from 14.5% a year earlier while REO closings as a percentage of existing home closings declined to 10.0% from 15.9% a year earlier.