In the Tallahassee, FL market in April, closings of new homes fell year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 20 a year earlier to 2 after the figure moved from 19 in March 2015 to 2 in March 2016.
A total of 117 new homes were sold during the 12 months that ended in April, down from 135 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 3.8% a year earlier. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $276,050, an increase from $201,780 a year earlier. This followed a 25.0% drop in March from a year earlier.
Average mortgage size on new homes increased to $349,930 from $171,024 last year. Average mortgage size on new homes went from $190,234 in March 2015 to $135,246 in March 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.
There was a move in the average unit size of newly sold homes from 1,500 square feet in April 2015 to 1,502 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 24.6% of existing home closings, down from 38.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.9% in April from 17.9% a year earlier while REO closings as a percentage of existing home closings fell to 15.7% from 20.7% a year earlier.