There was a rise in closings of new homes in the Bradenton, FL market in April year-over-year, but there were hints the market may be leveling out with a percentage boost shallower than March 2016. There was a 5.2% rise in new home closings from a year earlier. This came after a 16.9% boost year-over-year in March.
A total of 3,990 new homes were sold during the 12 months that ended in April, up from 3,976 for the year that ended in March.
Of 2,497 total closings, 281 were of new homes. This marks a rise from 9.1% of total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes jumped 4.8% year-over-year to $346,494 per unit. This surge compares to a 6.7% drop in March from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2016, there was a 7.3% surge in the average mortgage size, reaching $260,185. Average mortgage size slid 1.4% in March 2016 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 80.9% of new home closings to 80.4% of closings while attached units have gone from 19.1% of closings to 19.6% of closings.
There was a 3.7% bump year-over-year in the average unit size of newly sold homes to 2,262 square feet in April 2016. The average size of newly sold homes moved from 2,226 square feet in March 2015 to 2,552 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 13.4% of existing home closings, down from 27.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.3% in April from 11.2% a year earlier while REO closings as a percentage of existing home closings slid to 8.2% from 15.8% a year earlier.