In the Ocala, FL market in September, closings of new homes jumped year-over-year, rebounding from a year-over-year decline in August 2015. Closings increased 16.0% from a year earlier to 29. This followed a 28.6% decline year-over-year in August.
A total of 342 new homes were sold during the 12 months that ended in September, up from 338 for the year that ended in August.
As a percentage of overall housing closings, new home closings made up 4.1% of overall housing closings. A year earlier, new home closings made up 3.7% of total closings. Closings of new and existing homes jumped year-over-year in September following a fall in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 5.3% fall year-over-year in September to $239,854 per unit. This decline follows a move from $239,339 per unit to $237,400 from August 2014 to August 2015.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. Average mortgage size declined by 9.6% from a year earlier, settling at $162,969 in September. In August 2015, average mortgage size fell 12.3% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 96.0% in September 2014 to all of closings in September 2015. At the same time, the share of new home closings belonging to attached units dropped to no part of closings from 4.0% of closings.
The average unit size of newly sold homes declined 13.5% year-over-year to 1,100 square feet in September 2015. The average size of newly sold homes moved from 572 square feet in August 2014 to 1,100 square feet in August 2015.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 35.5% of existing home closings, down from 45.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.3% in September from 20.7% a year earlier while REO closings as a percentage of existing home closings sank to 19.2% from 24.3% a year earlier.