Closings of new homes in the Bradenton, FL market sank year-over-year in January, swinging downward off a year-over-year rise in December 2015. There was a 13.5% drop in new home closings from a year earlier. This was after the housing market saw a 21.3% jump year-over-year in December.
A total of 3,661 new homes were sold during the 12 months that ended in January, down from 3,693 for the year that ended in December.
As a percentage of overall housing closings, new home closings represented 11.4% of overall housing closings. As a part of the whole, new home closings were 11.1% a year earlier. Following a year-over-year decline in December, closings of new and existing homes also dropped year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes grew 10.0% year-over-year to $356,503 per unit. This hike is higher than the 6.2% rise in December year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In January 2016, the average mortgage size was $266,060, a 12.0% hike from a year earlier. In December 2015, average mortgage size gained 5.1% 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. The share of new home closings belonging to single-family homes increased from 74.7% in January 2015 to 84.4% of closings in January 2016. Meanwhile, attached units as a percentage of all new home closings dropped to 15.6% of closings from 25.3% of closings.
For all new homes sold, the average unit size gained 6.8% year-over-year to 2,071 square feet in January 2016. An increase was also seen in December 2015 when the average size of new homes sold climbed 36.7% to 2,881 square feet. In December, the average size of new homes sold went from 2,107 square feet a year earlier to 2,881 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 21.1% of existing home closings, below 39.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.6% in January from 21.7% a year earlier while REO closings as a percentage of existing home closings fell to 10.5% from 18.0% a year earlier.