In the Tallahassee, FL market in November, closings of new homes slid year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 13 a year earlier to 2 after the figure moved from 15 in October 2014 to 3 in October 2015.
A total of 155 new homes were sold during the 12 months that ended in November, down from 166 for the year that ended in October.
New home closings represented 2 out of the 369 total closings, which is a smaller percentage than the 13 of 325 total closings a year earlier. Closings of new and existing homes climbed year-over-year in November following a drop in October year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $211,000, down from last year's $275,392. This followed a 52.3% hike in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $207,889 to $176,261. Average mortgage size on new homes went from $204,692 in October 2014 to $530,000 in October 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 rose from 2,036 square feet a year earlier to 2,153 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 39.8% of existing home closings, down from 40.4% a year earlier. The percentage of existing home closings involving foreclosures stayed at 17.0% of closings in November from a year earlier and REO closings moved from 23.4% of existing home closings in November 2014 to 22.9% in November 2015.