In the Tallahassee, FL market in April, new home closings fell year-over-year, and the decline was by a larger percentage than the March 2012. New home closings moved from 24 a year earlier to nine after the figure moved from 20 in March 2011 to 14 in March 2012.
A total of 225 new homes were sold during the 12 months that ended in April, down from 240 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 3.0% from 8.2% a year earlier. Following a year-over-year increase in March, closings of new and existing homes also rose year-over-year in April.
Pricing and Mortgage Trends
The average new home price in April 2012 went down to $170,011 from $174,563 last year. This came after a 27.8% lift in March year-over-year.
The average mortgage size moved to $150,424, down from last year's $180,207. Average mortgage size on new homes went from $176,076 in March 2011 to $201,319 in March 2012.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up all of new home closings after accounting for 20 of 24 last year. Meanwhile, attached units made up no part of new home closings after making up four of 24 closings a year earlier.
The average unit size of newly sold homes rose from 1,295 square feet a year earlier to 1,377 square feet.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Together, foreclosures plus REO closings represented 42.9% of existing home closings. They accounted for 41.4% in April 2011. The percentage of existing home closings involving foreclosures rose to 25.3% in April from 16.0% a year earlier while REO closings as a percentage of existing home closings declined to 17.6% from 25.4% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Tallahassee, FL area.