In the Bradenton, FL market in November, new home closings declined year-over-year, but there were hints the market may be stabilizing with a percentage decline less steep as in October 2015. New home closings saw a drop of 10.7% from the year earlier to 266. This came after a 20.5% fall year-over-year in October.
A total of 3,551 new homes were sold during the 12 months that ended in November, down from 3,583 for the year that ended in October.
As a percentage of overall housing closings, new home closings made up 14.7% of overall housing closings. As a part of the whole, new home closings were 14.1% a year earlier. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.
Pricing and Mortgage Trends
In November, the average price of newly sold homes rose 7.1% year-over-year to $357,949 per unit. This rise is smaller than the 11.4% bump in October year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. It jumped to $262,626 in November, a 11.0% hike. Average mortgage size gained 3.5% in October 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes rose from 77.9% in November 2014 to 79.3% of closings in November 2015. Conversely, the share of new home closings belonging to attached units dropped to 20.7% of closings from 22.1% of closings.
The average unit size of newly sold homes declined 6.3% year-over-year to 2,023 square feet in November 2015. In October, the average size of new homes sold went from 2,030 square feet a year earlier to 2,368 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 19.1% of existing home closings, below 36.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.9% in November from 18.9% a year earlier while REO closings as a percentage of existing home closings dropped to 11.2% from 17.8% a year earlier.