New home closings slid year-over-year in June in the Port St. Lucie, FL market, and the percentage decline worsened from May 2016, indicating the market may be weakening. New home closings saw a 26.0% drop from a year earlier to 71. This followed a 1.5% fall year-over-year in May.
A total of 805 new homes were sold during the 12 months that ended in June, down from 830 for the year that ended in May.
Out of all housing closings, new home closings made up 5.3%. This is a decline 6.8% of closings a year earlier. For new and existing homes, closings fell in June after also declining in May year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 1.6% year-over-year in June to $375,948 per unit. This boost compares to a 3.9% drop in May from a year earlier.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. In June 2016, there was a 6.6% bump in the average mortgage size, reaching $298,042. Average mortgage size gained 14.4% in May 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 increased from 3.1% of closings in June 2015 to 15.5% of closings in June 2016. Meanwhile, single-family home closings as a percentage of all new home closings declined to 84.5% of closings from 96.9% of closings.
There was a 3.0% fall year-over-year in the average unit size of newly sold homes to 2,334 square feet in June 2016. The average size of newly sold homes moved from 2,320 square feet in May 2015 to 1,850 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 17.2% of existing home closings, below 26.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.8% in June from 10.6% a year earlier while REO closings as a percentage of existing home closings fell to 9.4% from 16.4% a year earlier.