Closings of new homes in the Orlando, FL market sank year-over-year in April, drawing a downward slope off of a rise in March 2016. New home closings saw a 6.3% fall from a year earlier to 535. This came after a 26.8% climb year-over-year in March.
A total of 9,216 new homes were sold during the 12 months that ended in April, down from 9,252 for the year that ended in March.
Of 4,345 total closings, 535 were of new homes. This is an increase on a percentage basis, as new home closings were 10.1% of total closings a year ago. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average value for new homes sold in April 2016 was $331,592, a move from $330,846 a year earlier. This was on the heels of a move from $333,451 per unit in March 2015 to $334,002 in March 2016.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined 1.2% in April from a year earlier to $264,461. In March 2016, average mortgage size on newly sold homes saw a 4.4% rise year-over-year 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 grew from 76.5% of new closings in April 2015 to 82.8% of closings in April 2016. At the same time, the share of new home closings belonging to attached units dropped to 17.2% of closings from 23.5% of closings.
For all new homes sold, the average unit size fell 3.6% year-over-year to 2,472 square feet in April 2016. The average size of newly sold homes moved from 2,576 square feet in March 2015 to 2,692 square feet in March 2016.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 25.4% of existing closings, lower than 40.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.8% in April from 20.0% a year earlier while REO closings as a percentage of existing home closings dropped to 15.6% from 20.8% a year earlier.