There was a rise in closings of new homes in the Ocala, FL market in July year-over-year, but the percentage lift was less than June 2016, suggesting the market may be leveling. New home closings saw a 30.0% hike from a year earlier to 26. This came on the heels of a 32.4% boost year-over-year in June.
A total of 516 new homes were sold during the 12 months that ended in July, up from 510 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 4.3%. This is better than the 3.0% of closings a year earlier. Closings of new and existing homes slid year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes dropped 12.4% year-over-year in July to $218,832 per unit. This decline compares to a period of stability in June from a year earlier.
The average mortgage size on newly sold homes increased year-over-year in contrast to the average price of new homes. In July 2016, the average mortgage size was $188,569, up 5.7% from a year earlier. In June 2016, average mortgage size fell 1.9% 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 July 2016. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes dropped 23.7% year-over-year to 1,517 square feet in July 2016. In June, the average size of new homes sold went from 1,811 square feet a year earlier to 1,092 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 19.4% of existing closings, lower than 38.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.5% in July from 17.5% a year earlier while REO closings as a percentage of existing home closings sank to 14.9% from 21.2% a year earlier.