There was an increase in closings of new homes in the Punta Gorda, FL market in November year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 12 a year earlier to 16 after the figure moved from 22 in October 2014 to 16 in October 2015.
A total of 285 new homes were sold during the 12 months that ended in November, up from 281 for the year that ended in October.
16 of the 485 total closings were new home closings, a shift on a percentage basis from 12 out of 493 a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $213,516, an increase from $208,395 a year earlier. This was on the heels of a 3.2% drop in October from a year earlier.
The average mortgage size went down to $146,211 from $212,852 a year earlier. In October 2015, average mortgage size on newly sold homes saw a 8.9% 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 average unit size of newly sold homes rose from 1,906 square feet a year earlier to 2,058 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 31.3% of existing home closings, down from 33.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 15.6% in November from 17.7% a year earlier and REO closings moved from 16.2% of existing home closings in November 2014 to 15.8% in November 2015.