New home closings declined year-over-year in September in the Tallahassee, FL market, and the decline was by a larger percentage than the August 2015. New home closings moved from 25 a year earlier to 2 after the figure moved from 10 in August 2014 to 1 in August 2015.
A total of 48 new homes were sold during the 12 months that ended in September, down from 71 for the year that ended in August.
New home closings were 5.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 470 total closings. After rising year-over-year in August, closings of new and existing homes dropped year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $186,750, down from $253,352 a year earlier. This came after a 18.2% drop in August from a year earlier.
The average mortgage size moved to $178,661, down from last year's $221,287. Average mortgage size on new homes went from $193,186 in August 2014 to $96,000 in August 2015.
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.
The average unit size of newly sold homes fell from 1,564 square feet a year earlier to 1,477 square feet.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 34.2% of existing closings, lower than 46.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.9% in September from 20.4% a year earlier while REO closings as a percentage of existing home closings slid to 20.3% from 26.3% a year earlier.