New home closings declined year-over-year in September in the Panama City, FL market, and the decline was by a larger percentage than the August 2015. New home closings moved from 26 a year earlier to 1 after the figure moved from 19 in August 2014 to 1 in August 2015.

A total of 34 new homes were sold during the 12 months that ended in September, down from 59 for the year that ended in August.

Last year, 26 of 456 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 427 total closings. Following a year-over-year decline in August, closings of new and existing homes also fell year-over-year in September.

Pricing and Mortgage Trends

The average price of new homes was $388,000, an increase from $306,679 a year earlier. This was on the heels of a 1.5% decline in August from a year earlier.

Average mortgage size on new homes increased to $368,600 from $279,885 last year. Average mortgage size on new homes went from $245,049 in August 2014 to $255,000 in August 2015.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 2,492 square feet a year earlier to 3,038 square feet.

Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 25.1% of existing closings, lower than 37.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.1% in September from 19.8% a year earlier while REO closings as a percentage of existing home closings declined to 15.0% from 17.4% a year earlier.

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