In July, the Tallahassee, FL market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in June. New home closings moved from 20 a year earlier to 3 after the figure moved from 27 in June 2015 to 4 in June 2016.
A total of 59 new homes were sold during the 12 months that ended in July, down from 76 for the year that ended in June.
New home closings were 3.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 3 of the 509 total closings. Following a year-over-year decline in June, closings of new and existing homes also slid year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $224,000, down from $240,380 a year earlier. This came after a 11.9% fall in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $198,841 to $113,050. Average mortgage size on new homes went from $200,633 in June 2015 to $204,487 in June 2016.
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.
The average unit size of newly sold homes rose from 1,145 square feet a year earlier to 1,295 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 17.8% of existing home closings, below 32.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.5% in July from 12.9% a year earlier while REO closings as a percentage of existing home closings sank to 10.3% from 19.4% a year earlier.