In November, closings of new homes grew year-over-year in the Port St. Lucie, FL market, but as the percentage gained less than October 2015, the market seemed to show signs of leveling. Closings increased 37.5% from a year earlier to 66. In comparison, new home closings in the same month last year saw a more than twofold rise year-over-year in October.
A total of 747 new homes were sold during the 12 months that ended in November, up from 729 for the year that ended in October.
As a percentage of overall housing closings, new home closings represented 6.8%. This marks a rise from 4.2% of total closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also declined year-over-year in November.
Pricing and Mortgage Trends
In November, there was a 10.2% surge year-over-year in the average price of newly sold homes, reaching $396,027 per unit. This lift is smaller than the 13.0% bump in October year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. The average mortgage size declined to $281,795 in November, marking a 4.6% drop compared with last year. In October 2015, average mortgage size on newly sold homes saw a 20.5% hike year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units climbed from 6.2% of closings in November 2014 to 25.8% of closings in November 2015. At the same time, the share belonging to single-family homes sank to 74.2% of closings from 93.8% of closings.
For all new homes sold, the average unit size sank 16.5% year-over-year to 2,646 square feet in November 2015. For newly sold homes, an average size fall contrasting with an average price rise was also seen in October 2015 when the average size of newly sold homes declined 21.7% to 2,355 square feet. The average size of newly sold homes moved from 3,008 square feet in October 2014 to 2,355 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 24.5% of existing home closings, below 42.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.1% in November from 20.4% a year earlier while REO closings as a percentage of existing home closings declined to 15.4% from 21.6% a year earlier.