The Jacksonville, FL market saw a drop in new home closings year-over-year in July, drawing a downward slope off of a rise in June 2015. Closings sank 39.7% from a year earlier to 240. This came after a 2.8% rise year-over-year in June.
A total of 4,676 new homes were sold during the 12 months that ended in July, down from 4,834 for the year that ended in June.
New home closings made up 7.0% of overall housing closings. This is a decline 11.3% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes declined year-over-year in July.
Pricing and Mortgage Trends
In July, the average value of new homes saw a 6.2% lift year-over-year as it grew to $301,871 per unit. This hike is higher than the 5.8% lift in June year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In July 2015, the average mortgage size on newly sold homes saw a 4.1% gain from a year earlier. In June 2015, average mortgage size on newly sold homes saw a 7.6% rise year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have fallen. Attached unit closings climbed from 6.3% of all closings in July 2014 to 11.2% of closings in July 2015. Conversely, the share belonging to single-family homes dropped to 88.8% of closings from 93.7% of closings.
For all new homes sold, the average unit size dropped 10.4% year-over-year to 2,269 square feet in July 2015. For newly sold homes, an average size drop contrasting with an average price bump was also seen in June 2015 when the average size of newly sold homes slid 1.3% to 2,489 square feet. In June, the average size of new homes sold went from 2,523 square feet a year earlier to 2,489 square feet.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 39.8% of existing home closings, below 48.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.9% in July from 28.9% a year earlier and REO closings moved from 19.6% of existing home closings in July 2014 to 19.9% in July 2015.