Closings of new homes in the Gainesville, FL market remained unchanged year-over-year in July, remaining relatively unchanged after rising in June from the year earlier. New home closings stayed level from a year earlier at 39. New home closings increased 24.4%in June year-over-year.
A total of 436 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings made up 8.3% of overall housing closings. A year ago, 7.5% of total closings were new home closings. Closings of new and existing homes fell year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price slid 29.4% year-over-year in July to $213,609 per unit. This decline is larger than the 5.6% drop in June from a year earlier.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. It slid 4.7% in July from a year earlier to $198,839. Average mortgage size dropped 9.1% in June 2016 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016. Single-family home closings have represented 92.3% of new home closings while attached unit closings have accounted for 7.7% of closings.
The average unit size of newly sold homes jumped 47.1% year-over-year to 2,402 square feet in July 2016. In June, the average size of new homes sold went from 1,929 square feet a year earlier to 1,516 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 15.8% of closings, below 23.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.9% in July from 10.2% a year earlier while REO closings as a percentage of existing home closings declined to 7.9% from 12.9% a year earlier.