In September, there was a fall year-over-year in new home closings in the Bradenton, FL market, drawing a downward slope off of a rise in August 2015. There was a 2.3% decline in new home closings from a year earlier. This came on the heels of a 29.6% climb year-over-year in August.
A total of 3,394 new homes were sold during the 12 months that ended in September, down from 3,401 for the year that ended in August.
Out of all housing closings, new home closings represented 13.4%. A year ago, new home closings made up 14.1%. Following a year-over-year increase in August, closings of new and existing homes also gained year-over-year in September.
Pricing and Mortgage Trends
In September, the average per-unit price of new homes dropped by 2.5% year-over-year to $327,211. This fall compares to a 10.0% lift in August year-over-year.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. In September 2015, the average mortgage size on newly sold homes saw a 2.1% drop from a year earlier. In August 2015, average mortgage size jumped 16.3% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have slumped. Attached unit closings grew from 15.0% of all closings in September 2014 to 23.1% of closings in September 2015. Conversely, the share belonging to single-family homes declined to 76.9% of closings from 85.0% of closings.
There was a move in the average unit size of newly sold homes from 2,032 square feet in September 2014 to 2,029 square feet in September 2015. In August 2015, the average size of newly sold homes slid 17.7% from the year earlier. In August, the average size of new homes sold went from 2,169 square feet a year earlier to 1,786 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 22.7% of existing home closings, below 38.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.7% in September from 17.8% a year earlier while REO closings as a percentage of existing home closings dropped to 14.0% from 20.5% a year earlier.