Closings of new homes in the Pensacola, FL market fell year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 96 a year earlier to 14 after the figure moved from 109 in March 2015 to 23 in March 2016.
A total of 709 new homes were sold during the 12 months that ended in April, down from 791 for the year that ended in March.
New home closings represented 14 out of the 852 total closings, which is a smaller percentage than the 96 of 983 total closings a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $171,114, down from $220,787 a year earlier. This was on the heels of a 12.3% fall in March from a year earlier.
The average mortgage size went down to $162,242 from $205,096 a year earlier. In March 2016, average mortgage size sank 10.0% 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 April 2016.
The average unit size of newly sold homes fell from 2,026 square feet a year earlier to 1,457 square feet.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 28.2% of existing home closings, down from 41.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.1% in April from 17.6% a year earlier while REO closings as a percentage of existing home closings declined to 15.0% from 23.6% a year earlier.