Closings of new homes in the Jacksonville, FL market fell year-over-year in September, a drop following an increase in August 2015. There was a 7.2% drop in new home closings from a year earlier. This followed a 2.9% hike year-over-year in August.

A total of 5,003 new homes were sold during the 12 months that ended in September, down from 5,033 for the year that ended in August.

Of the total number of closings, new home closings made up 12.7%. They accounted for 13.0% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes slid year-over-year in September.

Pricing and Mortgage Trends

The average price of newly sold homes fell 6.6% year-over-year in September to $269,231 per unit. This decline compares to a 6.6% rise in August year-over-year.

For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. In September 2015, average mortgage size declined 2.4% from a year earlier to $235,628. Average mortgage size rose 7.9% in August 2015 from a year earlier.

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. Attached unit closings grew from 7.5% of all closings in September 2014 to 19.0% of closings in September 2015. At the same time, the share belonging to single-family homes sank to 81.0% of closings from 92.5% of closings.

There was a 26.1% decline year-over-year in the average unit size of newly sold homes to 1,789 square feet in September 2015. The average size of newly sold homes moved from 2,446 square feet in August 2014 to 2,257 square feet in August 2015.

Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 38.8% of existing home closings, down from 51.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 18.9% in September from 30.9% a year earlier and REO closings moved from 20.3% of existing home closings in September 2014 to 19.9% in September 2015.

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