In the Bradenton, FL market in July, new home closings rose year-over-year, but the percentage bump was not as steep as June 2016, giving signals of market leveling out. New home closings saw a climb of 9.8% from the year earlier to 347. In comparison, new home closings in the same month last year saw a 17.4% climb year-over-year in June.
A total of 4,339 new homes were sold during the 12 months that ended in July, up from 4,308 for the year that ended in June.
Of 2,116 total closings, 347 were of new homes. This is an increase on a percentage basis, as new home closings were 11.5% of total closings a year ago. Following a year-over-year decline in June, closings of new and existing homes also dropped year-over-year in July.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 13.3% surge year-over-year in July to $384,452 per unit. This hike compares to a period of stability in June from a year earlier.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. It increased to $258,668 in July, a 3.1% boost. Average mortgage size fell 3.3% 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 increased from 69.9% in July 2015 to 72.9% of closings in July 2016. At the same time, the share of new home closings belonging to attached units dropped to 27.1% of closings from 30.1% of closings.
The average unit size of newly sold homes sank 1.5% year-over-year to 2,336 square feet in July 2016. In June, the average size of new homes sold went from 2,202 square feet a year earlier to 2,378 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 12.9% of existing home closings, down from 25.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.4% in July from 11.1% a year earlier while REO closings as a percentage of existing home closings fell to 6.5% from 14.3% a year earlier.