In January, the Tallahassee, FL market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in December. New home closings moved from 11 a year earlier to 5 after the figure moved from 24 in December 2014 to 5 in December 2015.
A total of 175 new homes were sold during the 12 months that ended in January, down from 181 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 1.5% from 2.9% a year earlier. Closings of new and existing homes sank year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $196,360, down from $251,291 a year earlier. This came after a 28.4% fall in December from a year earlier.
The average mortgage size went down to $161,889 from $188,741 a year earlier. Average mortgage size on new homes went from $246,957 in December 2014 to $188,094 in December 2015.
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.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 37.3% of existing home closings, down from 56.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.4% in January from 30.6% a year earlier while REO closings as a percentage of existing home closings sank to 21.9% from 25.6% a year earlier.