There was a rise in new home closings in the Gainesville, FL market in November year-over-year, rallying back from a decline in October 2015. New home closings saw a 37.0% boost from a year earlier to 37. This was after the housing market saw a 21.4% decline year-over-year in October.
A total of 341 new homes were sold during the 12 months that ended in November, up from 331 for the year that ended in October.
Of 302 total closings, 37 were of new homes. This marks a rise from 8.3% of total closings a year earlier. Closings of new and existing homes declined year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $228,512 per unit in November, up 13.0%from a year earlier. This surge compares to a 2.4% fall in October from a year earlier.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. It jumped 7.8% in November from a year earlier to $210,046. In October 2015, average mortgage size on newly sold homes saw a 3.6% gain year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have slumped. Attached unit closings climbed from 11.1% of all closings in November 2014 to 24.3% of closings in November 2015. Conversely, the share belonging to single-family homes declined to 75.7% of closings from 88.9% of closings.
For all new homes sold, the average unit size dropped 11.9% year-over-year to 1,639 square feet in November 2015. The average size of newly sold homes moved from 1,866 square feet in October 2014 to 1,405 square feet in October 2015.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 25.7% of existing closings, lower than 32.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.6% in November from 15.3% a year earlier while REO closings as a percentage of existing home closings sank to 15.1% from 17.3% a year earlier.