New home closings fell year-over-year in March in the Tallahassee, FL market, and the decline was by a larger percentage than the February 2016. New home closings moved from 19 a year earlier to 2 after the figure moved from 26 in February 2015 to 3 in February 2016.
A total of 135 new homes were sold during the 12 months that ended in March, down from 152 for the year that ended in February.
New home closings represented 2 out of the 522 total closings, which is a smaller percentage than the 19 of 546 total closings a year earlier. Closings of new and existing homes declined year-over-year in March after remaning steady in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $160,000, down from last year's $213,284. This was on the heels of a 49.2% hike in February year-over-year.
Average mortgage size on new homes fell from $190,234 to $135,246. Average mortgage size on new homes went from $156,721 in February 2015 to $282,210 in February 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.
The average unit size of newly sold homes fell from 1,555 square feet a year earlier to 703 square feet.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 30.8% of existing home closings, down from 42.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.3% in March from 19.9% a year earlier while REO closings as a percentage of existing home closings sank to 17.5% from 22.8% a year earlier.