The Ocala, FL market saw a drop in new home closings year-over-year in July, dropping after a year-over-year increase in June 2015. New home closings moved from 34 a year earlier to 13 after the figure moved from 26 in June 2014 to 33 in June 2015.
A total of 328 new homes were sold during the 12 months that ended in July, down from 349 for the year that ended in June.
New home closings were 13 out of the 641 total closings, down on a percentage basis from 34 of 789 a year earlier. Following a year-over-year increase in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $251,438, up from $233,682 a year earlier. This came after a 8.6% surge in June year-over-year.
From the year-ago figure of $143,845, the average mortgage size on new homes moved up to $173,858. In June 2015, average mortgage size on newly sold homes saw a 27.3% gain 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 July 2015.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 37.9% of existing home closings, down from 43.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.7% in July from 20.5% a year earlier while REO closings as a percentage of existing home closings dropped to 21.2% from 22.5% a year earlier.