The Ocala, FL market saw no change in new home closings year-over-year in February, remaining relatively unchanged after rising in January from the year earlier. New home closings stayed level from a year earlier at 24. Closings saw a 8.0% rise in the same month last year.
A total of 380 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.
New home closings made up 3.5% of overall housing closings. New home closings were 4.3% of overall closings last year. Closings of new and existing homes gained in February after staying steady in January from a year earlier.
Pricing and Mortgage Trends
In February, the average price of newly sold homes jumped 9.5% year-over-year to $248,683 per unit. This rise compares to a 6.1% drop in January from a year earlier.
In February 2016, average mortgage size on newly sold homes moved from $155,501 to $156,470 from February 2015. Average mortgage size increased 3.2% 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 made up all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size sank 16.4% year-over-year to 1,810 square feet in February 2016. In January, the average size of new homes sold went from 2,230 square feet a year earlier to 2,215 square feet.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 36.3% of existing home closings, below 48.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 17.9% in February from 21.5% a year earlier while REO closings as a percentage of existing home closings declined to 18.4% from 27.0% a year earlier.