In the Tampa, FL market, closings of new homes fell year-over-year in July, a drop following an increase in June 2015. Closings dropped 3.5% from a year earlier to 417. This was after the housing market saw a 2.5% rise year-over-year in June.
A total of 5,605 new homes were sold during the 12 months that ended in July, down from 5,620 for the year that ended in June.
Of the total number of closings, new home closings made up 5.9%. A year ago, new home closings represented 6.1%. Closings of new and existing homes remained steady in July after rising in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 2.8% bump year-over-year in July to $285,471 per unit. This boost is smaller than the 6.5% gain in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In July 2015, the average mortgage size was $252,717, a 5.0% boost from a year earlier. Average mortgage size increased 5.6% in June 2015 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. Single-family home closings gained from 80.3% of new closings in July 2014 to 84.2% of closings in July 2015. At the same time, the share of new home closings belonging to attached units dropped to 15.8% of closings from 19.7% of closings.
The average unit size of newly sold homes sank 28.1% year-over-year to 1,951 square feet in July 2015. For newly sold homes, an average size drop contrasting with an average price surge was also seen in June 2015 when the average size of newly sold homes dropped 23.9% to 1,972 square feet. In June, the average size of new homes sold went from 2,593 square feet a year earlier to 1,972 square feet.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 33.8% of existing home closings, below 42.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.0% in July from 22.7% a year earlier and REO closings moved from 19.3% of existing home closings in July 2014 to 19.8% in July 2015.