In the Naples, FL market in March, new home closings jumped year-over-year, but the percentage edged up less than February 2016, suggesting the market may be leveling out. New home closings saw a rise of 28.5% from the year earlier to 221. This followed a 56.7% climb year-over-year in February.
A total of 2,684 new homes were sold during the 12 months that ended in March, up from 2,635 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 16.6%. This is a surge from 10.2% of closings a year earlier. Closings of new and existing homes sank year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.3% hike year-over-year to $575,532 per unit in March. This surge follows a move from $559,537 per unit to $557,046 from February 2015 to February 2016.
For newly sold homes, average mortgage size moved from $400,641 in March 2015 to $397,486 in March 2016. In February 2016, average mortgage size on newly sold homes saw a 11.5% lift year-over-year from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 69.8% of new home closings to 70.1% of closings while attached units have gone from 30.2% of closings to 29.9% of closings.
For all new homes sold, the average unit size declined 7.5% year-over-year to 2,153 square feet in March 2016. In February, the average size of new homes sold went from 2,264 square feet a year earlier to 2,046 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.8% of closings, below 14.9% a year earlier. The percentage of existing home closings involving foreclosures went from 6.1% in March 2015 to 7.0% in March 2016 and REO closings as a percentage of existing home closings fell to 6.8% from 8.8% a year earlier.