In September, there was a decline year-over-year in new home closings in the Tampa, FL market, a move downward following a boost in August 2015. There was a 1.1% fall in new home closings from a year earlier. This followed a 32.7% boost year-over-year in August.
A total of 6,089 new homes were sold during the 12 months that ended in September, down from 6,094 for the year that ended in August.
New home closings represented 6.2% of overall housing closings. A year ago, new home closings made up 6.8%. For new and existing homes, closings rose year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
In September, there was a 5.6% rise year-over-year in the average price of newly sold homes, reaching $296,037 per unit. This bump is higher than the 4.0% boost in August year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It grew to $247,329 in September, a 1.3% gain. In August 2015, average mortgage size on newly sold homes saw a 3.2% surge year-over-year from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units jumped from 19.1% of closings in September 2014 to 24.0% of closings in September 2015. At the same time, the share belonging to single-family homes sank to 76.0% of closings from 80.9% of closings.
The average unit size of newly sold homes fell 33.9% year-over-year to 1,669 square feet in September 2015. For newly sold homes, an average size fall contrasting with an average price rise was also seen in August 2015 when the average size of newly sold homes sank 22.4% to 2,065 square feet. The average size of newly sold homes moved from 2,662 square feet in August 2014 to 2,065 square feet in August 2015.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 31.8% of existing closings, lower than 46.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.2% in September from 24.4% a year earlier while REO closings as a percentage of existing home closings sank to 18.6% from 22.1% a year earlier.