In February, there was a decline year-over-year in new home closings in the Jacksonville, FL market, and the market seemed to be weakening with a percentage drop steeper than in January 2016. Closings fell 14.7% from a year earlier to 301. This was after the housing market saw a 4.3% drop year-over-year in January.
A total of 5,066 new homes were sold during the 12 months that ended in February, down from 5,118 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 13.6% of overall housing closings. A year earlier, new home closings accounted for 13.1% of total closings. For new and existing homes, closings fell in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $296,662 per unit in February, up 2.5%from a year earlier. This bump compares to a 1.9% drop in January from a year earlier.
In February 2016, average mortgage size on newly sold homes moved from $253,548 to $251,574 from February 2015. It went from $245,479 to $244,388 from January 2015 to January 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 fallen. The share of new home closings belonging to attached units jumped from 8.2% of closings in February 2015 to 11.3% of closings in February 2016. At the same time, the share belonging to single-family homes declined to 88.7% of closings from 91.8% of closings.
There was a move in the average unit size of newly sold homes from 2,447 square feet in February 2015 to 2,438 square feet in February 2016. In January 2016, the average size of newly sold homes slid 9.5% from the year earlier. In January, the average size of new homes sold went from 2,436 square feet a year earlier to 2,205 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 33.7% of existing home closings, down from 52.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.5% in February from 26.5% a year earlier while REO closings as a percentage of existing home closings slid to 19.2% from 25.8% a year earlier.