Closings of new homes in the Ocala, FL market gained year-over-year in June, but the percentage gain was less pronounced than May 2016, indicating the market may be leveling out. New home closings saw a 8.1% climb from a year earlier to 40. This was after the housing market saw a 85.7% climb year-over-year in May.
A total of 501 new homes were sold during the 12 months that ended in June, up from 498 for the year that ended in May.
New home closings made up 5.6% of overall housing closings. This is a lift from 4.5% of closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
Average price of newly sold homes had a 3.7% fall year-over-year to $224,397 per unit in June. This drop compares to a 2.3% bump in May year-over-year.
Average mortgage size on new homes went from $171,008 in June 2015 to $170,354 in June 2016. In May 2016, average mortgage size slid 6.6% 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 June 2016. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
There was a 39.7% decline year-over-year in the average unit size of newly sold homes to 1,092 square feet in June 2016. In May, the average size of new homes sold went from 2,262 square feet a year earlier to 2,469 square feet.
Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 25.3% of closings, below 39.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.3% in June from 18.4% a year earlier while REO closings as a percentage of existing home closings fell to 15.1% from 21.1% a year earlier.