The Ocala, FL market saw a rise in new home closings in April year-over-year, and the percentage rise, which was better than March 2016, suggested the market may be improving. New home closings saw a boost of 76.9% from the year earlier to 46. This was after the housing market saw a 34.2% jump year-over-year in March.
A total of 464 new homes were sold during the 12 months that ended in April, up from 444 for the year that ended in March.
Out of all housing closings, new home closings represented 6.8%. This is better than the 3.2% of closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 7.0% rise year-over-year in April to $238,204 per unit. This lift compares to a 12.4% drop in March from a year earlier.
Average mortgage size on new homes rose year-over-year along with new home prices. The average mortgage size rose to $196,664 in April, marking a 12.4% rise compared with a year earlier. Average mortgage size dropped 9.9% in March 2016 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. Attached unit closings rose from no part of all closings in April 2015 to 2.2% of closings in April 2016. At the same time, the share belonging to single-family homes sank to 97.8% of closings from all of closings.
The average unit size of newly sold homes dropped 21.0% year-over-year to 1,511 square feet in April 2016. In March, the average size of new homes sold went from 1,955 square feet a year earlier to 1,276 square feet.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 28.0% of existing home closings, below 37.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.9% in April from 17.0% a year earlier while REO closings as a percentage of existing home closings sank to 18.1% from 20.2% a year earlier.