Freshest Numbers Indicate New Home Closings and Prices Drop in Panama City
Posted on: Aug 08, 2014 11:41:34 AM
New home closings slid year-over-year in May in the Panama City, FL market, but the decline was less than the year-over-year decline in April. New home closings moved from 17 a year earlier to 1 after the figure moved from 10 in April 2013 to none in April 2014.
Last year, 17 of 535 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 458 total closings. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $185,000, compared with $247,552 last year. This came after a.
The average mortgage size went down to $181,000 from $207,682 a year earlier.
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.