New home closings in the Tallahassee, FL market fell year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 13 a year earlier to 2 after the figure moved from 15 in October 2014 to 3 in October 2015.
A total of 155 new homes were sold during the 12 months that ended in November, down from 166 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 0.5% from 4.0% a year earlier. Closings of new and existing homes gained year-over-year in November following a drop in October year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $211,000, down from last year's $275,392. This followed a 52.3% bump in October year-over-year.
There was a decline in average mortgage size on new homes, going from $207,889 last year to $176,261 in November 2015. Average mortgage size on new homes went from $204,692 in October 2014 to $530,000 in October 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,036 square feet a year earlier to 2,153 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 39.8% of existing home closings, below 40.4% a year earlier. The percentage of existing home closings involving foreclosures stayed at 17.0% of closings in November from a year earlier and REO closings moved from 23.4% of existing home closings in November 2014 to 22.9% in November 2015.