In the Ocala, FL market in September, closings of new homes increased year-over-year, moving upward off a fall in August 2015. New home closings saw a boost of 16.0% from the year earlier to 29. This came after a 28.6% drop year-over-year in August.
A total of 342 new homes were sold during the 12 months that ended in September, up from 338 for the year that ended in August.
Of the total number of closings, new home closings made up 4.1%. A year earlier, new home closings accounted for 3.7% of total closings. After dropping in August from a year earlier, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
In September, the average price of newly sold homes dropped 5.3% year-over-year to $239,854 per unit. This decline follows a move from $239,339 per unit in August 2014 to $237,400 in August 2015.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In September 2015, there was a 9.6% fall in the average mortgage size on new homes to $162,969. In August 2015, average mortgage size on newly sold homes saw a 12.3% drop from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings increased from 96.0% of new closings in September 2014 to all of closings in September 2015. Meanwhile, attached units as a percentage of all new home closings declined to no part of closings from 4.0% of closings.
The average unit size of newly sold homes slid 13.5% year-over-year to 1,100 square feet in September 2015. In August, the average size of new homes sold went from 572 square feet a year earlier to 1,100 square feet.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 35.5% of existing closings, lower than 45.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.3% in September from 20.7% a year earlier while REO closings as a percentage of existing home closings declined to 19.2% from 24.3% a year earlier.