Closings of new homes in the Ocala, FL market declined year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 28 a year earlier to 17 after the figure moved from 34 in July 2014 to 13 in July 2015.
A total of 323 new homes were sold during the 12 months that ended in August, down from 334 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 2.7%. This is down from the 3.9% of closings a year earlier. Following a year-over-year decline in July, closings of new and existing homes also declined year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $238,028 in August 2015 from $239,339 in August 2014. This came after a 7.6% gain in July year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. Average mortgage size declined 19.2% to $150,462 in August from a year earlier. Average mortgage size on new homes went from $143,845 in July 2014 to $173,858 in July 2015.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 96.4% in August 2014 to all of closings in August 2015. Conversely, the share of new home closings belonging to attached units slid to no part of closings from 3.6% of closings.
There was a more than twofold boost year-over-year in the average unit size of newly sold homes to 1,184 square feet in August 2015.
Foreclosures and real estate owned (REO) closings fell in August from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 39.7% of existing home closings, down from 47.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 15.4% in August from 21.2% a year earlier while REO closings as a percentage of existing home closings dropped to 24.3% from 25.9% a year earlier.