In the Tampa, FL market in January, closings of new homes dropped year-over-year, shifting downward off a surge in December 2015. New home closings saw a fall of 4.9% from the year earlier to 310. This followed a 13.6% climb year-over-year in December.
A total of 6,655 new homes were sold during the 12 months that ended in January, down from 6,671 for the year that ended in December.
Of the total number of closings, new home closings made up 5.7%. A year ago, 5.3% of total closings were new home closings. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 4.5% in January to $301,685 per unit. This lift is higher than the 4.4% bump in December year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In January 2016, the average mortgage size was $261,924, up 7.8% from a year earlier. In December 2015, average mortgage size on newly sold homes saw a 5.8% rise year-over-year 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 80.4% of new home closings to 81.3% of closings while attached units have gone from 19.6% of closings to 18.7% of closings.
There was a 2.6% decline year-over-year in the average unit size of newly sold homes to 2,588 square feet in January 2016. The average size of newly sold homes moved from 2,452 square feet in December 2014 to 2,847 square feet in December 2015.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 39.4% of existing closings, lower than 53.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 22.2% in January from 30.8% a year earlier while REO closings as a percentage of existing home closings fell to 17.2% from 22.1% a year earlier.