There was an increase in new home closings in the Gainesville, FL market in April year-over-year, and the percentage lift was sharper than March 2016, hinting that the market may be strengthening. Closings climbed 36.4% from a year earlier to 30. This was after the housing market saw a 9.1% hike year-over-year in March.
A total of 406 new homes were sold during the 12 months that ended in April, up from 398 for the year that ended in March.
Out of all housing closings, new home closings accounted for 7.5%. This is better than the 5.3% of closings 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
Average price of newly sold homes saw a 32.6% boost year-over-year in April to $276,773 per unit. This gain is better than the 13.6% bump in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2016, the average mortgage size was $244,273, a 18.9% boost from a year earlier. In March 2016, average mortgage size on newly sold homes saw a 3.0% fall from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings jumped from 81.8% of new closings in April 2015 to 93.3% of closings in April 2016. Conversely, the share of new home closings belonging to attached units sank to 6.7% of closings from 18.2% of closings.
The average unit size of newly sold homes gained 13.1% year-over-year to 2,274 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 20.6% of existing closings, lower than 34.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.8% in April from 12.9% a year earlier while REO closings as a percentage of existing home closings dropped to 13.8% from 21.2% a year earlier.