In the Gainesville, FL market, new home closings slid year-over-year in January, moving downward after a gain in December 2015. There was a 4.2% fall in new home closings from a year earlier. This came after a more than twofold boost year-over-year in December.
A total of 370 new homes were sold during the 12 months that ended in January, down from 371 for the year that ended in December.
Of the total number of closings, new home closings made up 8.9%. As a part of the whole, new home closings were 8.4% a year earlier. Following a year-over-year increase in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 6.6% lift year-over-year in January to $268,408 per unit. This gain follows a move from $229,195 per unit to $227,854 from December 2014 to December 2015.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. In January 2016, the average mortgage size was $248,366, up 7.3% from a year earlier. In December 2015, average mortgage size rose 13.4% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings climbed from 87.5% of new closings in January 2015 to 91.3% of closings in January 2016. Meanwhile, attached units as a percentage of all new home closings fell to 8.7% of closings from 12.5% of closings.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 33.8% of existing home closings, below 54.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 17.5% in January from 30.3% a year earlier while REO closings as a percentage of existing home closings slid to 16.2% from 24.5% a year earlier.