Closings of new homes in the Gainesville, FL market declined year-over-year in September, a downhill move after a boost in August 2015. There was a 8.6% fall in new home closings from a year earlier. This came after a 2.9% boost year-over-year in August.
A total of 324 new homes were sold during the 12 months that ended in September, down from 327 for the year that ended in August.
New home closings accounted for 9.9% of overall housing closings. This is down from the a year earlier when new home closings accounted for 12.2% of total closings. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
In September, the average per-unit price of new homes fell by 2.3% year-over-year to $240,007. This drop is a drop off from the 4.9% fall in August from a year earlier.
In September 2015, average mortgage size on newly sold homes moved from $215,304 to $213,803 from September 2014. In August 2015, average mortgage size remained level from a year earlier at $244,321.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. Attached unit closings grew from 5.7% of all closings in September 2014 to 9.4% of closings in September 2015. At the same time, the share belonging to single-family homes sank to 90.6% of closings from 94.3% of closings.
There was a 30.2% lift year-over-year in the average unit size of newly sold homes to 2,020 square feet in September 2015.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 29.9% of closings, below 37.9% a year earlier. The percentage of existing home closings involving foreclosures went from 13.4% in September 2014 to 12.7% in September 2015 and REO closings as a percentage of existing home closings fell to 17.2% from 24.5% a year earlier.