In the Bradenton, FL market, closings of new homes fell year-over-year in March, sliding down after a lift in February 2016. New home closings saw a decline of 26.3% from the year earlier to 213. In comparison, new home closings in the same month last year saw a 10.5% rise year-over-year in February.
A total of 3,815 new homes were sold during the 12 months that ended in March, down from 3,891 for the year that ended in February.
As a percentage of overall housing closings, new home closings accounted for 8.9%. This is down from the a year earlier when new home closings represented 10.6% of total closings. Following a year-over-year decline in February, closings of new and existing homes also declined year-over-year in March.
Pricing and Mortgage Trends
The average price of newly sold homes dropped 5.6% year-over-year in March to $345,701 per unit. This decline compares to a 3.8% hike in February year-over-year.
Average mortgage size on new homes sank year-over-year in contrast to new home prices. It dropped 2.0% in March from a year earlier to $258,942. Average mortgage size dropped 1.9% in February 2016 from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 73.4% of new home closings to 73.7% of closings while attached units have gone from 26.6% of closings to 26.3% of closings.
The average unit size of newly sold homes fell 6.2% year-over-year to 2,089 square feet in March 2016. The average size of newly sold homes moved from 2,204 square feet in February 2015 to 2,321 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 16.2% of existing home closings, below 27.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.1% in March from 13.0% a year earlier while REO closings as a percentage of existing home closings slid to 10.1% from 14.6% a year earlier.