In May, the Tallahassee, FL market saw a drop year-over-year in new home closings, 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. Following a decline in April year-over-year, closings of new and existing homes rose year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $194,925, down from last year's $225,227. This came after a 36.8% surge in April year-over-year.
The average mortgage size went down to $146,382 from $197,127 a year earlier. 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 fell in May from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 25.6% of closings, below 38.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.0% in May from 19.0% a year earlier while REO closings as a percentage of existing home closings declined to 15.6% from 19.3% a year earlier.