In November, the Ocala, FL market saw a fall year-over-year in new home closings, moving downward after a hike in October 2015. New home closings saw a 8.3% drop from a year earlier to 33. This came after a 23.1% hike year-over-year in October.
A total of 361 new homes were sold during the 12 months that ended in November, down from 364 for the year that ended in October.
As a percentage of overall housing closings, new home closings made up 5.9% of overall housing closings. A year ago, 6.0% of total closings were new home closings. For new and existing homes, closings fell in November after also declining in October year-over-year.
Pricing and Mortgage Trends
In November, the average price for new home closings was $215,375, a 7.3% decline from last year. This fall compares to a 3.6% gain in October year-over-year.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. Average mortgage size slid by 9.2% from a year earlier, settling at $182,451 in November. In October 2015, average mortgage size jumped 11.9% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 31.9% of closings, below 45.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 16.1% in November from 18.9% a year earlier while REO closings as a percentage of existing home closings slid to 15.9% from 26.4% a year earlier.