New home closings in the Tallahassee, FL market sank year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 27 a year earlier to 4 after the figure moved from 22 in May 2015 to 4 in May 2016.
A total of 76 new homes were sold during the 12 months that ended in June, down from 99 for the year that ended in May.
New home closings were 4 out of the 585 total closings, down on a percentage basis from 27 of 650 a year earlier. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $236,000, down from $268,019 a year earlier. This followed a 13.5% decline in May from a year earlier.
Average mortgage size on new homes rose from $200,633 to $204,487. Average mortgage size on new homes went from $197,127 in May 2015 to $146,382 in May 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.
The average unit size of newly sold homes fell from 1,762 square feet a year earlier to 1,545 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 21.5% of closings, below 31.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.0% in June from 13.3% a year earlier while REO closings as a percentage of existing home closings sank to 11.5% from 18.1% a year earlier.