In the Jacksonville, FL market, new home closings fell year-over-year in November, but compared with October 2015, the percentage decline was less steep, hinting the market may be strengthening. There was a 16.4% fall in new home closings from a year earlier. This came after a 22.4% fall year-over-year in October.
A total of 5,121 new homes were sold during the 12 months that ended in November, down from 5,193 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 15.0% of overall housing closings. A year ago, new home closings made up 15.4%. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes grew year-over-year to $303,546 per unit, a 9.0% bump. This boost is better than the 1.6% rise in October year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. It jumped to $259,947 in November, a 9.1% hike. In October 2015, average mortgage size on newly sold homes saw a 2.4% bump year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units gained from 8.9% of closings in November 2014 to 10.1% of closings in November 2015. At the same time, the share belonging to single-family homes sank to 89.9% of closings from 91.1% of closings.
There was a move in the average unit size of newly sold homes from 2,403 square feet in November 2014 to 2,394 square feet in November 2015. The average size of newly sold homes moved from 2,474 square feet in October 2014 to 2,400 square feet in October 2015. In October 2015, the average size of newly sold homes dropped 3.0% from the year earlier.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 38.3% of existing closings, lower than 52.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 19.4% in November from 31.8% a year earlier while REO closings as a percentage of existing home closings dropped to 18.9% from 20.8% a year earlier.