There was a rise in closings of new homes in the Tampa, FL market in May year-over-year, but the percentage bump was less than April 2016, suggesting the market may be leveling. New home closings saw a 20.9% hike from a year earlier to 672. This came after a 25.6% rise year-over-year in April.
A total of 7,221 new homes were sold during the 12 months that ended in May, up from 7,105 for the year that ended in April.
New home closings represented 9.5% of overall housing closings. This marks a rise from 7.1% of total closings a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
In May, the average price of newly sold homes gained year-over-year to $295,542 per unit, a 1.7% boost. This bump is higher than the 1.5% surge in April year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In May 2016, the average mortgage size was $253,278, a 1.4% boost from a year earlier. In April 2016, average mortgage size on newly sold homes saw a 4.1% bump year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 77.9% of new closings in May 2015 to 84.8% of closings in May 2016. Conversely, the share of new home closings belonging to attached units slid to 15.2% of closings from 22.1% of closings.
The average unit size of newly sold homes sank 15.3% year-over-year to 2,313 square feet in May 2016. This fall was opposite the price surge, a pattern also seen in April 2016 when the average size of newly sold homes dropped 15.0% to 2,365 square feet. The average size of newly sold homes moved from 2,782 square feet in April 2015 to 2,365 square feet in April 2016.
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 25.3% of existing home closings, down from 35.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.2% in May from 17.9% a year earlier while REO closings as a percentage of existing home closings sank to 14.1% from 18.0% a year earlier.