There was an increase in new home closings in the Tampa, FL market in August year-over-year, and there were signs of strengthening market conditions as the percentage boost was sharper than July 2015. New home closings saw a climb of 31.5% from the year earlier to 572. This came after a 17.6% boost year-over-year in July.
A total of 6,045 new homes were sold during the 12 months that ended in August, up from 5,908 for the year that ended in July.
Out of all housing closings, new home closings represented 7.7%. A year ago, 6.7% of total closings were new home closings. For new and existing homes, closings rose year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $288,994 per unit in August, up 2.7%from a year earlier. This hike is smaller than the 3.1% lift in July year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In August 2015, there was a 2.5% bump in the average mortgage size, reaching $253,340. In July 2015, average mortgage size on newly sold homes saw a 5.2% gain year-over-year 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 climbed from 77.7% in August 2014 to 80.9% of closings in August 2015. Conversely, the share of new home closings belonging to attached units sank to 19.1% of closings from 22.3% of closings.
For all new homes sold, the average unit size fell 23.7% year-over-year to 2,035 square feet in August 2015. For newly sold homes, an average size fall contrasting with an average price gain was also seen in July 2015 when the average size of newly sold homes sank 20.8% to 2,151 square feet. In July, the average size of new homes sold went from 2,715 square feet a year earlier to 2,151 square feet.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 34.2% of existing closings, lower than 42.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.3% in August from 22.4% a year earlier and REO closings moved from 20.2% of existing home closings in August 2014 to 21.0% in August 2015.