In the Bradenton, FL market in September, new home closings fell year-over-year, curving down after an increase in August 2015. New home closings saw a drop of 2.3% from the year earlier to 299. This was after the housing market saw a 29.6% boost 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 earlier, new home closings represented 14.1% of total closings. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
In September, the average price of newly sold homes dropped year-over-year to $327,211 per unit, marking a 2.5% decline from the year-earlier figure. This drop compares to a 10.0% rise in August year-over-year.
Average mortgage size on new homes sank year-over-year in contrast to new home prices. In September 2015, the average mortgage size on newly sold homes saw a 2.1% drop from a year earlier. Average mortgage size gained 16.3% in August 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have dipped. Attached unit closings climbed 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 sank 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, the average size of new homes sold went from 2,169 square feet a year earlier to 1,786 square feet. In August 2015, the average size of newly sold homes declined 17.7% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 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 slid to 14.0% from 20.5% a year earlier.