In December, there was a fall year-over-year in new home closings in the Punta Gorda, FL market, falling after a rise in November 2015. New home closings moved from 31 a year earlier to 22 after the figure moved from 12 in November 2014 to 16 in November 2015.
A total of 277 new homes were sold during the 12 months that ended in December, down from 286 for the year that ended in November.
Of the total number of closings, new home closings made up 3.7%. As a part of the whole, new home closings were 4.7% a year earlier. Closings of new and existing homes saw a decline year-over-year in December after remaining steady in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes slid year-over-year to $218,273 per unit, marking a 7.8% decline from the year-earlier figure. This decline compares to a 2.5% bump in November year-over-year.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. It dropped 11.0% in December from a year earlier to $167,496. Average mortgage size on new homes went from $212,852 in November 2014 to $146,211 in November 2015.
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 climbed from 9.7% of closings in December 2014 to 27.3% of closings in December 2015. Meanwhile, single-family home closings as a percentage of all new home closings sank to 72.7% of closings from 90.3% of closings.
The average unit size of newly sold homes gained 1.1% year-over-year to 2,022 square feet in December 2015. The average size of newly sold homes moved from 1,906 square feet in November 2014 to 2,058 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 21.9% of closings, below 37.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.2% in December from 18.0% a year earlier while REO closings as a percentage of existing home closings fell to 13.7% from 19.3% a year earlier.