Closings of new homes in the Bradenton, FL market rose year-over-year in December, moving north after a drop in November 2015. There was a 8.6% rise in new home closings from a year earlier. This came after a 8.7% drop year-over-year in November.
A total of 3,596 new homes were sold during the 12 months that ended in December, up from 3,566 for the year that ended in November.
Out of all housing closings, new home closings made up 16.6%. This is a boost from 13.9% of closings a year earlier. For new and existing homes, closings dropped in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 6.7% gain year-over-year in the average price of newly sold homes, reaching $376,116 per unit. This hike is smaller than the 7.4% surge in November year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In December 2015, average mortgage size gained 6.5% from a year earlier to $280,689. Average mortgage size grew 10.8% in November 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes gained from 77.9% in December 2014 to 85.7% of closings in December 2015. Conversely, the share of new home closings belonging to attached units sank to 14.3% of closings from 22.1% of closings.
For all new homes sold, the average unit size increased 30.9% year-over-year to 2,759 square feet in December 2015. In November, the average size of new homes sold went from 2,160 square feet a year earlier to 2,023 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 19.1% of closings, below 32.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.9% in December from 14.6% a year earlier while REO closings as a percentage of existing home closings slid to 12.2% from 17.5% a year earlier.