Closings of new homes in the Tallahassee, FL market sank year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 20 a year earlier to 2 after the figure moved from 19 in March 2015 to 2 in March 2016.

A total of 117 new homes were sold during the 12 months that ended in April, down from 135 for the year that ended in March.

New home closings represented 2 out of the 498 total closings, which is a smaller percentage than the 20 of 522 total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also declined year-over-year in April.

Pricing and Mortgage Trends

The average price of new homes was $276,050, an increase from $201,780 a year earlier. This came after a 25.0% decline in March from a year earlier.

Average mortgage size on new homes went from $171,024 a year earlier to $349,930. Average mortgage size on new homes went from $190,234 in March 2015 to $135,246 in March 2016.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

There was a move in the average unit size of newly sold homes from 1,500 square feet in April 2015 to 1,502 square feet in April 2016.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 24.6% of existing home closings, below 38.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.9% in April from 17.9% a year earlier while REO closings as a percentage of existing home closings fell to 15.7% from 20.7% a year earlier.

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