In the Ocala, FL market, new home closings slid year-over-year in November, drawing a downward slope off of a rise in October 2015. There was a 8.3% drop in new home closings from a year earlier. This came on the heels of a 23.1% climb year-over-year in October.
A total of 361 new homes were sold during the 12 months that ended in November, down from 364 for the year that ended in October.
Of the total number of closings, new home closings made up 5.9%. New home closings were 6.0% of overall closings last year. For new and existing homes, closings dropped in November after also declining in October year-over-year.
Pricing and Mortgage Trends
In November, the average per-unit price of new homes fell by 7.3% year-over-year to $215,375. This drop compares to a 3.6% surge in October year-over-year.
Average mortgage size on new homes sank year-over-year in contrast to new home prices. Average mortgage size fell by 9.2% from a year earlier, settling at $182,451 in November. In October 2015, average mortgage size on newly sold homes saw a 11.9% hike year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 31.9% of closings, below 45.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.1% in November from 18.9% a year earlier while REO closings as a percentage of existing home closings fell to 15.9% from 26.4% a year earlier.