New home closings sank year-over-year in May in the Tallahassee, FL market, but the decline was less than the year-over-year decline in April. New home closings moved from 22 a year earlier to 4 after the figure moved from 20 in April 2015 to 2 in April 2016.
A total of 99 new homes were sold during the 12 months that ended in May, down from 117 for the year that ended in April.
New home closings were 4.1% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 4 of the 554 total closings. After dropping in April from a year earlier, closings of new and existing homes jumped year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $194,925, compared with $225,227 last year. This was on the heels of a 36.8% lift in April year-over-year.
Average mortgage size on new homes fell from $197,127 to $146,382. Average mortgage size on new homes went from $171,024 in April 2015 to $349,930 in April 2016.
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.
The average unit size of newly sold homes fell from 1,859 square feet a year earlier to 857 square feet.
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 25.6% of existing home closings, down from 38.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.0% in May from 19.0% a year earlier while REO closings as a percentage of existing home closings dropped to 15.6% from 19.3% a year earlier.