In the Bradenton, FL market in July, closings of new homes sank year-over-year, but the percentage fall, which was less steep than in June 2015, seemed to be signaling market improvement. New home closings saw a 11.0% decline from a year earlier to 243. This was after the housing market saw a 14.7% decline year-over-year in June.
A total of 3,077 new homes were sold during the 12 months that ended in July, down from 3,107 for the year that ended in June.
Out of all housing closings, new home closings made up 9.3%. This is a drop 11.5% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also jumped year-over-year in July.
Pricing and Mortgage Trends
In July, the average price of newly sold homes gained year-over-year to $328,985 per unit, a 4.1% lift. This surge is smaller than the 17.2% bump in June year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. The average mortgage size rose to $246,487 in July, marking a 6.9% lift compared with a year earlier. In June 2015, average mortgage size on newly sold homes saw a 14.3% surge year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. The share of new home closings belonging to attached units rose from 19.0% of closings in July 2014 to 28.0% of closings in July 2015. Conversely, the share belonging to single-family homes declined to 72.0% of closings from 81.0% of closings.
There was a 30.4% decline year-over-year in the average unit size of newly sold homes to 1,644 square feet in July 2015. For newly sold homes, an average size decline contrasting with an average price rise was also seen in June 2015 when the average size of newly sold homes sank 34.5% to 1,345 square feet. The average size of newly sold homes moved from 2,053 square feet in June 2014 to 1,345 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 24.5% of existing closings, lower than 33.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.7% in July from 16.8% a year earlier while REO closings as a percentage of existing home closings slid to 13.8% from 17.0% a year earlier.