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Recent Numbers For Naples Show New Home Closings and Prices Increase

Posted on: May 06, 2013 07:25:33 AM

New home closings in the Naples, FL market jumped year-over-year in February, but the market seemed to show signs of leveling out as the percentage increased was less than in January 2013. Closings rose 24.4% from a year earlier to 107. This followed a 36.4% rise year-over-year in January.

A total of 1,243 new homes were sold during the 12 months that ended in February, up from 1,222 for the year that ended in January.

Of the total number of closings, new home closings made up 8.6%. A year earlier, new home closings accounted for 8.4% of total closings. Closings of new and existing homes climbed year-over-year in February after also rising in January year-over-year.

Pricing and Mortgage Trends

In February, the average price of newly sold homes jumped 24.6% year-over-year to $430,584 per unit. This bump is smaller than the 53.9% surge in January year-over-year.

The average mortgage size on new homes moved north year-over-year along with new home prices. In February 2013, the average mortgage size was $291,875, up 28.8% from a year earlier. In January 2013, average mortgage size rose 15.2% from a year earlier. Of the overall sale price, the percentage that was being financed rose 2.2 percentage points year-over-year to 67.8% in February 2013. In January 2013, there was a 19.4 percentage point drop in January 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. Attached unit closings grew from 38.4% of all closings in February 2012 to 42.1% of closings in February 2013. Conversely, the share belonging to single-family homes slid to 57.9% of closings from 61.6% of closings.

There was an 11.3% gain year-over-year in the average unit size of newly sold homes to 2,291 square feet in February 2013. A rise was also seen in January 2013 when the average size of new homes sold gained 48.2% to 2,737 square feet.

Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 27.5% of existing home closings, down from 40.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.4% in February from 20.0% a year earlier while REO closings as a percentage of existing home closings fell to 14.1% from 20.1% a year earlier.

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