New home closings in the Tampa, FL market climbed year-over-year in April, but there were signs the market may be leveling out with a percentage bump shallower than March 2016. There was a 5.1% rise in new home closings from a year earlier. This came after a 5.8% hike year-over-year in March.
A total of 6,957 new homes were sold during the 12 months that ended in April, up from 6,934 for the year that ended in March.
Of 6,944 total closings, 473 were of new homes. This is a rise from 5.7% of closings a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 4.2% year-over-year in April to $316,523 per unit. This boost is smaller than the 5.1% gain in March 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 April 2016, average mortgage size rose 6.4% from a year earlier to $270,683. In March 2016, average mortgage size grew 2.8% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have slumped. Attached unit closings increased from 16.7% of all closings in April 2015 to 17.8% of closings in April 2016. Meanwhile, single-family home closings as a percentage of all new home closings slid to 82.2% of closings from 83.3% of closings.
There was a 12.9% decline year-over-year in the average unit size of newly sold homes to 2,420 square feet in April 2016. For newly sold homes, an average size fall contrasting with an average price gain was also seen in March 2016 when the average size of newly sold homes fell 1.6% to 2,661 square feet. The average size of newly sold homes moved from 2,703 square feet in March 2015 to 2,661 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 24.4% of existing home closings, below 37.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.6% in April from 18.7% a year earlier while REO closings as a percentage of existing home closings sank to 14.8% from 18.9% a year earlier.