Closings of new homes sank year-over-year in November in the Tampa, FL market, swinging downward off a year-over-year rise in October 2015. From a year ago to November 2015, new home closings moved from 618 to 616. This came after a 30.6% jump in October from the year earlier.
A total of 6,540 new homes were sold during the 12 months that ended in November, down from 6,542 for the year that ended in October.
New home closings represented 9.3% of overall housing closings. This is a decline 10.3% of closings a year earlier. Following a drop in October year-over-year, closings of new and existing homes gained year-over-year in November.
Pricing and Mortgage Trends
In November, there was a 13.4% bump year-over-year in the average price of newly sold homes, reaching $289,985 per unit. This rise is higher than the 5.3% boost in October year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In November 2015, there was a 8.1% boost in the average mortgage size, reaching $247,934. In October 2015, average mortgage size on newly sold homes saw a 2.1% bump year-over-year from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings rose from 77.0% of new closings in November 2014 to 80.2% of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings fell to 19.8% of closings from 23.0% of closings.
There was a 10.7% hike year-over-year in the average unit size of newly sold homes to 2,630 square feet in November 2015. The average size of newly sold homes moved from 2,489 square feet in October 2014 to 2,829 square feet in October 2015. An increase in both the average size and price of newly sold homes was also seen in October 2015 when the average size increased 13.7% to 2,829 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 30.2% of existing home closings, below 43.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.7% in November from 21.1% a year earlier while REO closings as a percentage of existing home closings fell to 16.5% from 22.6% a year earlier.