The Sebastian, FL market saw a rise in new home closings in May year-over-year, but the market seemed to be signaling at stabilizing with a percentage boost less pronounced than April 2016. There was a 2.6% hike in new home closings from a year earlier. This followed a 27.8% jump year-over-year in April.
A total of 528 new homes were sold during the 12 months that ended in May, up from 527 for the year that ended in April.
Out of all housing closings, new home closings accounted for 8.7%. This marks a rise from 6.8% of total closings a year earlier. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 24.1% year-over-year in May to $344,887 per unit. This bump is higher than the 2.6% gain in April year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. The average mortgage size rose to $286,551 in May, marking a 36.3% boost compared with a year earlier. In April 2016, average mortgage size on newly sold homes saw a 18.6% hike year-over-year from a year earlier.
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 share of new home closings belonging to attached units gained from 2.6% of closings in May 2015 to 5.0% of closings in May 2016. Meanwhile, single-family home closings as a percentage of all new home closings fell to 95.0% of closings from 97.4% of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 14.7% of existing home closings, below 23.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in May from 11.5% a year earlier while REO closings as a percentage of existing home closings sank to 7.6% from 11.7% a year earlier.