In the Orlando, FL market, closings of new homes fell year-over-year in July, a shift downward off a surge in June 2016. There was a 32.0% fall in new home closings from a year earlier. This came after a 4.6% jump year-over-year in June.
A total of 9,475 new homes were sold during the 12 months that ended in July, down from 9,703 for the year that ended in June.
New home closings accounted for 12.0% of overall housing closings. New home closings were 11.5% of overall closings last year. Closings of new and existing homes slid year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in July was $318,458 per unit, down 3.2% from a year earlier. This drop compares to a 3.7% bump in June year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It slid 5.0% in July from a year earlier to $252,118. Average mortgage size jumped 5.1% in June 2016 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes climbed from 79.5% in July 2015 to 86.0% of closings in July 2016. At the same time, the share of new home closings belonging to attached units declined to 14.0% of closings from 20.5% of closings.
The average unit size of newly sold homes dropped 27.8% year-over-year to 1,990 square feet in July 2016. The average size of newly sold homes moved from 2,593 square feet in June 2015 to 2,604 square feet in June 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 18.1% of existing closings, lower than 35.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.7% in July from 16.1% a year earlier while REO closings as a percentage of existing home closings fell to 10.4% from 19.1% a year earlier.