In the Tallahassee, FL market in August, closings of new homes fell year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 9 a year earlier to 1 after the figure moved from 17 in July 2014 to 5 in July 2015.
A total of 72 new homes were sold during the 12 months that ended in August, down from 80 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 0.2% from 1.9% a year earlier. Following a year-over-year increase in July, closings of new and existing homes also increased year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $174,900, down from last year's $210,844. This came after a 21.7% drop in July from a year earlier.
There was a decline in average mortgage size on new homes, going from $193,186 last year to $96,000 in August 2015. Average mortgage size on new homes went from $234,990 in July 2014 to $198,650 in July 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings fell in August from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 30.8% of existing home closings, down from 43.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.2% in August from 19.6% a year earlier while REO closings as a percentage of existing home closings slid to 18.7% from 23.7% a year earlier.