In September, the Tallahassee, FL market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the August 2015. New home closings moved from 25 a year earlier to 2 after the figure moved from 10 in August 2014 to 1 in August 2015.
A total of 48 new homes were sold during the 12 months that ended in September, down from 71 for the year that ended in August.
New home closings represented 2 out of the 470 total closings, which is a smaller percentage than the 25 of 477 total closings a year earlier. After rising year-over-year in August, closings of new and existing homes dropped year-over-year in September.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $186,750, down from last year's $253,352. This was on the heels of a 18.2% decline in August from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $221,287 to $178,661. Average mortgage size on new homes went from $193,186 in August 2014 to $96,000 in August 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,564 square feet a year earlier to 1,477 square feet.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 34.2% of existing home closings, down from 46.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.9% in September from 20.4% a year earlier while REO closings as a percentage of existing home closings dropped to 20.3% from 26.3% a year earlier.