New home closings in the Jacksonville, FL market slid year-over-year in April, sliding down after a hike in March 2016. New home closings saw a drop of 9.1% from the year earlier to 358. In comparison, new home closings in the same month last year saw a 5.3% jump 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.
Of 2,835 total closings, 358 were of new homes. This is better than the 11.0% of closings a year earlier. Closings of new and existing homes slid 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 7.3% rise year-over-year in April to $310,406 per unit. This gain is smaller than the 9.8% surge in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It jumped to $257,700 in April, a 6.0% bump. In March 2016, average mortgage size climbed 5.1% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to 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.
There was a move in the average unit size of newly sold homes 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 increased 6.1% from the year earlier. The average size of newly sold homes moved from 2,472 square feet in March 2015 to 2,622 square feet in March 2016.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 29.6% of existing home closings, below 47.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.8% in April from 28.0% a year earlier while REO closings as a percentage of existing home closings sank to 14.8% from 19.7% a year earlier.