In February, closings of new homes in the Tampa, FL market increased year-over-year, recovering from a decline in January 2016. There was a 5.5% boost in new home closings from a year earlier. This came on the heels of a 1.8% fall year-over-year in January.
A total of 6,839 new homes were sold during the 12 months that ended in February, up from 6,813 for the year that ended in January.
Of the total number of closings, new home closings made up 8.0%. New home closings were 7.4% of overall closings last year. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 1.3% rise year-over-year as it grew to $288,661 per unit. This hike is smaller than the 5.2% boost in January year-over-year.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. In February 2016, average mortgage size on new homes sold was $245,059, down 1.2% from a year earlier. In January 2016, average mortgage size rose 7.1% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 80.4% of new home closings to 80.0% of closings while attached units have gone from 19.6% of closings to 20.0% of closings.
The average unit size of newly sold homes slid 7.1% year-over-year to 2,569 square feet in February 2016. For newly sold homes, an average size fall contrasting with an average price rise was also seen in January 2016 when the average size of newly sold homes fell 7.5% to 2,451 square feet. The average size of newly sold homes moved from 2,649 square feet in January 2015 to 2,451 square feet in January 2016.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 31.2% of closings, below 42.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.9% in February from 19.0% a year earlier while REO closings as a percentage of existing home closings declined to 17.3% from 23.2% a year earlier.