Closings of new homes in the Ocala, FL market gained year-over-year in January, but the increased on a percentage basis less sharlpy than December 2015, showing signs of market stabilization. There was a 8.0% boost in new home closings from a year earlier. This was after the housing market saw a 15.2% climb year-over-year in December.

A total of 379 new homes were sold during the 12 months that ended in January, up from 377 for the year that ended in December.

Out of all housing closings, new home closings accounted for 5.3%. They made up 4.8% of closings a year earlier. Closings of new and existing homes remained steady in January after rising in December year-over-year.

Pricing and Mortgage Trends

In January, there was a 6.1% drop year-over-year in the average per-unit price of newly sold homes, settling at $233,164. This fall compares to a 2.8% boost in December year-over-year.

There was a bump year-over-year in the average mortgage size on new homes in contrast to new home prices. In January 2016, the average mortgage size was $185,169, up 3.2% from a year earlier. In December 2015, average mortgage size on newly sold homes saw a 13.8% bump year-over-year 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 January 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.

The average unit size of newly sold homes went from 2,230 square feet in January 2015 to 2,215 square feet in January 2016. The average size of newly sold homes moved from 1,921 square feet in December 2014 to 2,142 square feet in December 2015. In December 2015, the average size of newly sold homes jumped 11.5% from the year earlier.

Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 37.9% of existing closings, lower than 56.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 17.3% in January from 27.5% a year earlier while REO closings as a percentage of existing home closings fell to 20.6% from 28.9% a year earlier.

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