New home closings gained year-over-year in April in the Tampa, FL market, but the percentage lift was less than March 2016, suggesting the market may be leveling. New home closings saw a jump of 5.1% from the year earlier to 473. This followed a 5.8% boost year-over-year in March.
A total of 6,957 new homes were sold during the 12 months that ended in April, up from 6,934 for the year that ended in March.
Out of all housing closings, new home closings made up 6.8%. This is a boost from 5.7% of closings a year earlier. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes increased 4.2% year-over-year to $316,523 per unit. This bump is smaller than the 5.1% lift in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size saw a 6.4% boost year-over-year to $270,683 in April. Average mortgage size climbed 2.8% in March 2016 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units rose from 16.7% of closings in April 2015 to 17.8% of closings in April 2016. Meanwhile, single-family home closings as a percentage of all new home closings declined to 82.2% of closings from 83.3% of closings.
The average unit size of newly sold homes dropped 12.9% year-over-year to 2,420 square feet in April 2016. This decline was opposite the price rise, a pattern also seen in March 2016 when the average size of newly sold homes slid 1.6% to 2,661 square feet. The average size of newly sold homes moved from 2,703 square feet in March 2015 to 2,661 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 24.4% of existing home closings, down from 37.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.6% in April from 18.7% a year earlier while REO closings as a percentage of existing home closings slid to 14.8% from 18.9% a year earlier.