The Miami, FL market saw an increase in closings of new homes in June year-over-year, but there were signs of market leveling as the percentage lift was less than May 2015. New home closings saw a rise of 12.7% from the year earlier to 559. This followed a 21.9% hike year-over-year in May.
A total of 6,675 new homes were sold during the 12 months that ended in June, up from 6,612 for the year that ended in May.
As a percentage of overall housing closings, new home closings represented 3.8% of overall housing closings. They represented 3.4% of closings a year earlier. After a fall in May year-over-year, new and existing home closings stayed level in June.
Pricing and Mortgage Trends
In June, the average price of newly sold homes fell 10.9% year-over-year to $541,088 per unit. This drop compares to a 4.3% surge in May year-over-year.
The average mortgage size on newly sold homes gained year-over-year in contrast to the average price of new homes. In June 2015, the average mortgage size was $379,483, a 8.1% bump from a year earlier. In May 2015, average mortgage size on newly sold homes saw a 13.0% boost year-over-year 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. Attached unit closings climbed from 46.8% of all closings in June 2014 to 53.7% of closings in June 2015. At the same time, the share belonging to single-family homes slid to 46.3% of closings from 53.2% of closings.
There was a 15.8% decline year-over-year in the average unit size of newly sold homes to 2,023 square feet in June 2015. The average size of newly sold homes moved from 2,348 square feet in May 2014 to 1,928 square feet in May 2015.
Foreclosures and real estate owned (REO) closings fell in June from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 30.3% of existing home closings, down from 38.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.2% in June from 21.4% a year earlier and REO closings moved from 17.1% of existing home closings in June 2014 to 18.1% in June 2015.