In May, there was a decline year-over-year in new home closings in the Jacksonville, FL market, a move downward following a boost in April 2016. New home closings saw a 15.2% decline from a year earlier to 401. In comparison, new home closings in the same month last year saw a 9.1% hike year-over-year in April.
A total of 5,443 new homes were sold during the 12 months that ended in May, down from 5,515 for the year that ended in April.
As a percentage of overall housing closings, new home closings accounted for 14.2%. This is an increase on a percentage basis, as new home closings were 13.2% of total closings a year ago. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 2.3% year-over-year in May to $296,152 per unit. This lift is smaller than the 6.7% bump in April year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In May 2016, the average mortgage size was $257,458, up 2.3% from a year earlier. In April 2016, average mortgage size rose 7.1% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 87.9% of new home closings to 87.3% of closings while attached units have gone from 12.1% of closings to 12.7% of closings.
There was a 5.7% gain year-over-year in the average unit size of newly sold homes to 2,594 square feet in May 2016. An increase in both the average size and price of newly sold homes was also seen in April 2016 when the average size jumped 2.5% to 2,462 square feet. In April, the average size of new homes sold went from 2,403 square feet a year earlier to 2,462 square feet.
Foreclosures and real estate owned (REO) closings declined in May from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 25.8% of existing home closings, below 43.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.9% in May from 23.9% a year earlier while REO closings as a percentage of existing home closings declined to 11.9% from 19.7% a year earlier.