In the Palm Bay, FL market in April, closings of new homes rose year-over-year, but the percentage rise, which was less than March 2016, seemed to suggest market leveling. New home closings saw a 1.3% hike from a year earlier to 79. In comparison, new home closings in the same month last year saw a 60.8% rise year-over-year in March.
A total of 1,095 new homes were sold during the 12 months that ended in April, up from 1,094 for the year that ended in March.
New home closings made up 5.4% of overall housing closings. This is an increase on a percentage basis, as new home closings were 4.3% of total closings a year ago. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price sank 7.9% year-over-year in April to $253,028 per unit. This fall compares to a 27.4% hike in March year-over-year.
Average mortgage size on new homes was $237,531 in April, same as a year earlier. Average mortgage size grew 29.6% in March 2016 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 climbed from 3.8% of closings in April 2015 to 8.9% of closings in April 2016. Conversely, the share belonging to single-family homes fell to 91.1% of closings from 96.2% of closings.
There was a 26.1% bump year-over-year in the average unit size of newly sold homes to 2,734 square feet in April 2016. The average size of newly sold homes moved from 2,107 square feet in March 2015 to 2,135 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 21.7% of existing home closings, below 40.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.8% in April from 20.1% a year earlier while REO closings as a percentage of existing home closings declined to 12.9% from 19.9% a year earlier.