Closings of new homes in the Tampa, FL market jumped year-over-year in December, and the percentage gain was greater than November 2015, giving hints of improving market conditions. Closings moved from 597 in December 2014 to 601 in December 2015. Closings moved from 616 in November 2014 to 619 in November 2015.
A total of 6,559 new homes were sold during the 12 months that ended in December, up from 6,555 for the year that ended in November.
New home closings made up 8.5% of overall housing closings. A year ago, new home closings represented 8.1%. After rising year-over-year in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.6% surge year-over-year in December to $302,055 per unit. This boost is smaller than the 13.5% gain in November year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In December 2015, average mortgage size increased 5.3% from a year earlier to $256,242. In November 2015, average mortgage size on newly sold homes saw a 8.1% surge year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings increased from 20.1% of all closings in December 2014 to 26.8% of closings in December 2015. Conversely, the share belonging to single-family homes fell to 73.2% of closings from 79.9% of closings.
For all new homes sold, the average unit size gained 11.4% year-over-year to 2,732 square feet in December 2015. In November, the average size of new homes sold went from 2,368 square feet a year earlier to 2,637 square feet. An increase in both the average size and price of newly sold homes was also seen in November 2015 when the average size increased 11.4% to 2,637 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 29.9% of existing home closings, below 41.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 12.9% in December from 21.5% a year earlier while REO closings as a percentage of existing home closings slid to 17.1% from 19.8% a year earlier.