In September, the Jacksonville, FL market saw a fall year-over-year in new home closings, shifting downward off a bump in August 2015. There was a 7.2% fall in new home closings from a year earlier. This came after a 2.9% hike year-over-year in August.
A total of 5,003 new homes were sold during the 12 months that ended in September, down from 5,033 for the year that ended in August.
Of the total number of closings, new home closings made up 12.7%. A year ago, new home closings made up 13.0%. After rising year-over-year in August, closings of new and existing homes sank year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes had a 6.6% decline year-over-year to $269,231 per unit in September. This fall compares to a 6.6% gain in August year-over-year.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. In September 2015, there was a 2.4% drop in the average mortgage size on new homes to $235,628. In August 2015, average mortgage size on newly sold homes saw a 7.9% boost year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. Attached unit closings climbed from 7.5% of all closings in September 2014 to 19.0% of closings in September 2015. Conversely, the share belonging to single-family homes sank to 81.0% of closings from 92.5% of closings.
The average unit size of newly sold homes dropped 26.1% year-over-year to 1,789 square feet in September 2015. In August, the average size of new homes sold went from 2,446 square feet a year earlier to 2,257 square feet.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 38.8% of existing home closings, below 51.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 18.9% in September from 30.9% a year earlier and REO closings moved from 20.3% of existing home closings in September 2014 to 19.9% in September 2015.