In the Tallahassee, FL market in December, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 23 a year earlier to 5 after the figure moved from 13 in November 2014 to 2 in November 2015.
A total of 137 new homes were sold during the 12 months that ended in December, down from 155 for the year that ended in November.
New home closings represented 5 out of the 436 total closings, which is a smaller percentage than the 23 of 536 total closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes declined year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $215,240, down from last year's $306,761. This was on the heels of a 23.4% fall in November from a year earlier.
The average mortgage size went down to $188,094 from $251,846 a year earlier. Average mortgage size on new homes went from $207,889 in November 2014 to $176,261 in November 2015.
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 1,958 square feet a year earlier to 1,463 square feet.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 37.4% of existing home closings, below 45.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.8% in December from 18.3% a year earlier while REO closings as a percentage of existing home closings slid to 22.5% from 26.9% a year earlier.