In the Orlando, FL market in November, closings of new homes dropped year-over-year, and the percentage fall was steeper than October 2015, suggesting the market may be worsening. New home closings saw a 38.1% drop from a year earlier to 459. This was after the housing market saw a 27.9% drop year-over-year in October.
A total of 7,336 new homes were sold during the 12 months that ended in November, down from 7,619 for the year that ended in October.
Out of all housing closings, new home closings accounted for 11.5%. This is down from the 16.1% of closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also declined year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 5.7% in November to $325,972 per unit. This lift follows a move from $327,901 per unit in October 2014 to $324,723 in October 2015.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size saw a 4.9% surge year-over-year to $265,995 in November. Average mortgage size sank 2.1% in October 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have dipped. The share of new home closings belonging to attached units jumped from 17.0% of closings in November 2014 to 22.0% of closings in November 2015. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 78.0% of closings from 83.0% of closings.
The average unit size of newly sold homes went from 2,349 square feet in November 2014 to 2,345 square feet in November 2015. In October 2015, the average size of newly sold homes fell 14.2% from the year earlier. In October, the average size of new homes sold went from 2,458 square feet a year earlier to 2,109 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 32.7% of closings, below 48.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.3% in November from 22.7% a year earlier while REO closings as a percentage of existing home closings sank to 19.4% from 25.5% a year earlier.