In the Tampa, FL market in March, new home closings declined year-over-year, swinging downward off a year-over-year boost in February 2016. Closings fell 24.9% from a year earlier to 441. This came on the heels of a 8.1% hike year-over-year in February.
A total of 6,753 new homes were sold during the 12 months that ended in March, down from 6,899 for the year that ended in February.
Out of all housing closings, new home closings represented 6.1%. They made up 7.0% of closings a year earlier. After remaining steady in February from a year earlier, closings of new and existing homes dropped year-over-year in March.
Pricing and Mortgage Trends
The average price of newly sold homes jumped year-over-year 9.4% in March to $316,660 per unit. This gain follows a move from $285,287 per unit to $287,866 from February 2015 to February 2016.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In March 2016, the average mortgage size was $267,886, up 6.3% from a year earlier. Average mortgage size declined 1.4% in February 2016 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes grew from 78.0% in March 2015 to 81.9% of closings in March 2016. Conversely, the share of new home closings belonging to attached units declined to 18.1% of closings from 22.0% of closings.
The average unit size of newly sold homes slid 3.4% year-over-year to 2,611 square feet in March 2016. In February, the average size of new homes sold went from 2,742 square feet a year earlier to 2,612 square feet.
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 27.8% of existing closings, lower than 39.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.7% in March from 21.0% a year earlier while REO closings as a percentage of existing home closings fell to 16.1% from 18.8% a year earlier.