In the Bradenton, FL market, new home closings gained year-over-year in August, moving upward off a fall in July 2015. New home closings saw a hike of 27.5% from the year earlier to 306. This came on the heels of a 2.2% drop year-over-year in July.
A total of 3,307 new homes were sold during the 12 months that ended in August, up from 3,241 for the year that ended in July.
New home closings represented 12.6% of overall housing closings. This is better than the 10.4% of closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes also gained year-over-year in August.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 10.1% year-over-year in August to $332,504 per unit. This lift is higher than the 5.0% gain in July year-over-year.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. In August 2015, the average mortgage size was $252,820, a 16.3% lift from a year earlier. Average mortgage size grew 8.7% in July 2015 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 gained from 26.7% of all closings in August 2014 to 28.1% of closings in August 2015. At the same time, the share belonging to single-family homes dropped to 71.9% of closings from 73.3% of closings.
There was a 21.2% drop year-over-year in the average unit size of newly sold homes to 1,709 square feet in August 2015. For newly sold homes, an average size decline contrasting with an average price rise was also seen in July 2015 when the average size of newly sold homes declined 38.3% to 1,458 square feet. The average size of newly sold homes moved from 2,363 square feet in July 2014 to 1,458 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 20.4% of existing home closings, down from 34.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.1% in August from 16.2% a year earlier while REO closings as a percentage of existing home closings slid to 13.3% from 18.2% a year earlier.