The Gainesville, FL market saw no change in new home closings year-over-year in February, evening out after a bump in January from the year earlier. New home closings stayed level from a year earlier at 16. In the same month last year, closings rose 12.5%.
A total of 381 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Out of all housing closings, new home closings represented 6.7%. This is a boost from 5.7% of closings a year earlier. For new and existing homes, closings slid in February after also declining in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 7.2% year-over-year in February to $252,911 per unit. This bump is smaller than the 11.5% lift in January year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In February 2016, average mortgage size jumped 9.3% from a year earlier to $240,661. Average mortgage size climbed 4.1% in January 2016 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 February 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size gained 86.2% year-over-year to 3,894 square feet in February 2016.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 26.9% of existing home closings, down from 38.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.7% in February from 23.0% a year earlier while REO closings as a percentage of existing home closings grew to 20.2% from 15.8%.