Closings of new homes in the Jacksonville, FL market slid year-over-year in March, a shift downward off a bump in February 2016. Closings declined 32.6% from a year earlier to 326. This came on the heels of a 13.0% jump year-over-year in February.
A total of 5,163 new homes were sold during the 12 months that ended in March, down from 5,321 for the year that ended in February.
Out of all housing closings, new home closings represented 11.3%. This is a decline 13.1% of closings a year earlier. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $300,761 in March, up 5.8% from last year. This lift is an improvement over the 2.4% bump in February year-over-year.
In March 2016, average mortgage size on newly sold homes moved from $243,020 to $242,287 from March 2015. It went from $253,548 to $251,131 from February 2015 to February 2016.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have dipped. The share of new home closings belonging to attached units climbed from 6.8% of closings in March 2015 to 12.6% of closings in March 2016. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 87.4% of closings from 93.2% of closings.
The average unit size of newly sold homes grew 3.7% year-over-year to 2,560 square feet in March 2016. In February, the average size of new homes sold went from 2,447 square feet a year earlier to 2,438 square feet.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 32.7% of existing home closings, down from 49.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.1% in March from 27.0% a year earlier while REO closings as a percentage of existing home closings slid to 16.5% from 22.4% a year earlier.