New home closings slid year-over-year in January in the Jacksonville, FL market, and the percentage fall that was steeper than December 2015 gave implications of worsening market conditions. Closings fell 12.9% from a year earlier to 244. This came after a 12.5% fall year-over-year in December.
A total of 5,050 new homes were sold during the 12 months that ended in January, down from 5,086 for the year that ended in December.
New home closings made up 11.0% of overall housing closings. This is an increase on a percentage basis, as new home closings were 9.3% of total closings a year ago. Following a year-over-year decline in December, closings of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
In January, the average price for new home closings was $280,414, a 1.2% decline from last year. This drop compares to a 1.1% rise in December year-over-year.
There was no change year-over-year in the average mortgage size on new homes in January, remaining level at $245,753. It went from $254,378 to $253,084 from December 2014 to December 2015.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. Attached unit closings gained from 5.7% of all closings in January 2015 to 13.9% of closings in January 2016. Meanwhile, single-family home closings as a percentage of all new home closings fell to 86.1% of closings from 94.3% of closings.
There was a 9.7% decline year-over-year in the average unit size of newly sold homes to 2,200 square feet in January 2016. In December, the average size of new homes sold went from 2,474 square feet a year earlier to 2,334 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 45.0% of closings, below 65.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 26.0% in January from 46.4% a year earlier and REO closings moved from 19.4% of existing home closings in January 2015 to 19.0% in January 2016.