In April, closings of new homes rose year-over-year in the Bradenton, FL market, but the percentage lift, which was less than March 2016, seemed to suggest market leveling. New home closings saw a 5.2% rise from a year earlier to 281. This came on the heels of a 16.9% rise year-over-year in March.
A total of 3,990 new homes were sold during the 12 months that ended in April, up from 3,976 for the year that ended in March.
New home closings accounted for 11.3% of overall housing closings. This marks a rise from 9.1% of total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes jumped year-over-year to $346,494 per unit, a 4.8% boost. This hike compares to a 6.7% decline in March from a year earlier.
There was a bump year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $260,185 in April, marking a 7.3% lift compared with a year earlier. In March 2016, average mortgage size on newly sold homes saw a 1.4% fall from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 80.9% of new home closings to 80.4% of closings while attached units have gone from 19.1% of closings to 19.6% of closings.
For all new homes sold, the average unit size grew 3.7% year-over-year to 2,262 square feet in April 2016. In March, the average size of new homes sold went from 2,226 square feet a year earlier to 2,552 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 13.4% of existing closings, lower than 27.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.3% in April from 11.2% a year earlier while REO closings as a percentage of existing home closings declined to 8.2% from 15.8% a year earlier.