In the Tallahassee, FL market, closings of new homes fell year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 17 a year earlier to 4 after the figure moved from 13 in June 2014 to 6 in June 2015.
A total of 78 new homes were sold during the 12 months that ended in July, down from 91 for the year that ended in June.
New home closings were 4 out of the 574 total closings, down on a percentage basis from 17 of 523 a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $174,500, down from $253,994 a year earlier. This followed a 8.7% bump in June year-over-year.
There was a decline in average mortgage size on new homes, going from $234,990 last year to $130,000 in July 2015. Average mortgage size on new homes went from $202,866 in June 2014 to $190,745 in June 2015.
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 1,439 square feet a year earlier to 1,025 square feet.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.6% of existing closings, lower than 42.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.1% in July from 19.8% a year earlier while REO closings as a percentage of existing home closings declined to 19.5% from 22.3% a year earlier.