In the Orlando, FL market, closings of new homes rose year-over-year in February, but as the percentage gained less than January 2016, the market seemed to show signs of leveling. New home closings saw a 12.9% hike from a year earlier to 637. This came after a 23.0% rise year-over-year in January.
A total of 8,645 new homes were sold during the 12 months that ended in February, up from 8,572 for the year that ended in January.
Out of all housing closings, new home closings accounted for 15.3%. This is an increase on a percentage basis, as new home closings were 12.1% of total closings a year ago. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes went from $316,372 in February 2015 to $319,129 in February 2016. This followed a 1.1% hike in January year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. In February 2016, there was a 2.5% surge in the average mortgage size, reaching $264,787. In January 2016, average mortgage size on newly sold homes saw a 1.2% decline 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. The share of new home closings belonging to single-family homes grew from 76.1% in February 2015 to 80.4% of closings in February 2016. Meanwhile, attached units as a percentage of all new home closings declined to 19.6% of closings from 23.9% of closings.
The average unit size of newly sold homes went from 2,515 square feet in February 2015 to 2,522 square feet in February 2016. In January 2016, the average size of newly sold homes jumped 3.5% from the year earlier. In January, the average size of new homes sold went from 2,507 square feet a year earlier to 2,594 square feet.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 31.6% of existing home closings, down from 46.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.8% in February from 21.4% a year earlier while REO closings as a percentage of existing home closings dropped to 18.8% from 25.3% a year earlier.