In the Orlando, FL market, closings of new homes fell year-over-year in June, sliding down after a bump in May 2016. New home closings saw a 2.0% decline from a year earlier to 788. This followed a 25.6% climb year-over-year in May.
A total of 9,640 new homes were sold during the 12 months that ended in June, down from 9,656 for the year that ended in May.
New home closings accounted for 14.8% of overall housing closings. This is a rise from 12.6% of closings a year earlier. For new and existing homes, closings slid in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in June to $343,144 per unit, a rise of 4.1%. This hike follows a move from $329,992 per unit to $331,666 from May 2015 to May 2016.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. The average mortgage size rose to $274,068 in June, marking a 5.2% lift compared with a year earlier. Average mortgage size grew 1.8% in May 2016 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 climbed from 81.5% in June 2015 to 86.2% of closings in June 2016. Conversely, the share of new home closings belonging to attached units sank to 13.8% of closings from 18.5% of closings.
There was a 2.2% surge year-over-year in the average unit size of newly sold homes to 2,651 square feet in June 2016. In May, the average size of new homes sold went from 2,589 square feet a year earlier to 2,464 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 21.3% of closings, below 36.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.1% in June from 16.3% a year earlier while REO closings as a percentage of existing home closings sank to 12.2% from 20.6% a year earlier.