New home closings declined year-over-year in April in the Jacksonville, FL market, shifting downward off a rise in March 2016. Closings slid 9.1% from a year earlier to 358. This followed a 5.3% climb year-over-year in March.
A total of 5,390 new homes were sold during the 12 months that ended in April, down from 5,426 for the year that ended in March.
New home closings represented 12.6% of overall housing closings. This is better than the 11.0% of closings a year earlier. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.3% rise year-over-year to $310,406 per unit in April. This surge is smaller than the 9.8% gain in March year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In April 2016, there was a 6.0% hike in the average mortgage size, reaching $257,700. Average mortgage size grew 5.1% in March 2016 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 88.6% of new home closings to 88.0% of closings while attached units have gone from 11.4% of closings to 12.0% of closings.
The average unit size of newly sold homes went from 2,403 square feet in April 2015 to 2,409 square feet in April 2016. In March 2016, the average size of newly sold homes climbed 6.1% from the year earlier. In March, the average size of new homes sold went from 2,472 square feet a year earlier to 2,622 square feet.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 29.6% of existing closings, lower than 47.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.8% in April from 28.0% a year earlier while REO closings as a percentage of existing home closings declined to 14.8% from 19.7% a year earlier.