The Ocala, FL market saw a rise in new home closings in May year-over-year, but with a rise less sharp than April 2016, there were suggestions the market may be stabilizing. Closings gained 75.0% from a year earlier to 49. In comparison, new home closings in the same month last year saw a 92.3% boost year-over-year in April.
A total of 492 new homes were sold during the 12 months that ended in May, up from 471 for the year that ended in April.
Of 742 total closings, 49 were of new homes. This is better than the 3.9% of closings a year earlier. Following a decline in April year-over-year, closings of new and existing homes rose year-over-year in May.
Pricing and Mortgage Trends
In May, the average value of new homes saw a 3.8% bump year-over-year as it grew to $254,718 per unit. This hike is smaller than the 8.5% lift in April year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. In May 2016, average mortgage size fell 5.9% from a year earlier to $190,191. Average mortgage size gained 10.3% in April 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 May 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
There was a 9.2% surge year-over-year in the average unit size of newly sold homes to 2,469 square feet in May 2016. The average size of newly sold homes moved from 1,913 square feet in April 2015 to 1,403 square feet in April 2016.
Foreclosures and real estate owned (REO) closings fell in May from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 26.4% of closings, below 42.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.3% in May from 21.8% a year earlier while REO closings as a percentage of existing home closings declined to 14.1% from 20.5% a year earlier.