Freshest Numbers Show Prices of New Homes Increase in Fort Walton Beach, Sales Drop
Posted on: May 06, 2013 07:12:47 AM
Closings of new homes slid year-over-year in February in the Fort Walton Beach, FL market, a shift downward off a rise in January 2013. New home closings saw a fall of 46.8% from the year earlier to 25 after closings rose 45.0% in January from the year earlier.
A total of 392 new homes were sold during the 12 months that ended in February, down from 414 for the year that ended in January.
A year earlier, new home closings accounted for 14.5% of overall housing closings and the percentage declined to 6.5% of closings in February 2013. For new and existing homes, closings gained year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 5.7% year-over-year in February to $249,233 per unit. The rise is an upward shift from a 15.4% fall in January from a year earlier.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. Average mortgage size rose 9.2% to $257,303 in February from a year earlier. Average mortgage size slipped 5.7% in January 2013 from a year earlier.
Freshest Numbers Show Prices of New Homes Increase in Fort Walton Beach, Sales Drop
Posted on: May 06, 2013 07:12:47 AM
Closings of new homes slid year-over-year in February in the Fort Walton Beach, FL market, a shift downward off a rise in January 2013. New home closings saw a fall of 46.8% from the year earlier to 25 after closings rose 45.0% in January from the year earlier.
A total of 392 new homes were sold during the 12 months that ended in February, down from 414 for the year that ended in January.
A year earlier, new home closings accounted for 14.5% of overall housing closings and the percentage declined to 6.5% of closings in February 2013. For new and existing homes, closings gained year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 5.7% year-over-year in February to $249,233 per unit. The rise is an upward shift from a 15.4% fall in January from a year earlier.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. Average mortgage size rose 9.2% to $257,303 in February from a year earlier. Average mortgage size slipped 5.7% in January 2013 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 95.7% of new closings in February 2012 to all of closings in February 2013. Conversely, the share of new home closings belonging to attached units dropped to no part of closings from 4.3% of closings.
There was a 45.1% decline year-over-year in the average unit size of newly sold homes to 1,118 square feet in February 2013. For newly sold homes, an average size fall contrasting with an average price rise was also seen in January 2013 when the average size of newly sold homes declined 35.1% to 1,294 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 34.7% of closings. They accounted for 36.5% in February 2012. The percentage of existing home closings involving foreclosures rose to 20.7% in February from 18.4% a year earlier while REO closings as a percentage of existing home closings dipped to 14.0% from 18.1% a year earlier.
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Source: Housing Intelligence