In the Tallahassee, FL market in February, new home closings slid year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 26 a year earlier to 3 after the figure moved from 11 in January 2015 to 5 in January 2016.
A total of 152 new homes were sold during the 12 months that ended in February, down from 175 for the year that ended in January.
Last year, 26 of 410 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 401 total closings. Following a year-over-year decline in January, closings of new and existing homes also declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $266,167 from last year's $178,377. This was on the heels of a 21.9% decline in January from a year earlier.
The average mortgage size on new homes was $282,210, up from $156,721. Average mortgage size on new homes went from $188,741 in January 2015 to $161,889 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 37.2% of existing home closings, below 51.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 15.8% in February from 24.0% a year earlier while REO closings as a percentage of existing home closings fell to 21.4% from 27.6% a year earlier.