Closings of new homes in the Tampa, FL market fell year-over-year in June, swinging downward off a year-over-year surge in May 2016. Closings slumped 3.0% from a year earlier to 636. This came on the heels of a 21.7% hike year-over-year in May.
A total of 7,212 new homes were sold during the 12 months that ended in June, down from 7,232 for the year that ended in May.
Of the total number of closings, new home closings made up 8.3%. New home closings were 7.5% of overall closings last year. For new and existing homes, closings dropped in June after also declining in May year-over-year.
Pricing and Mortgage Trends
In June, the average price of newly sold homes rose year-over-year to $313,093 per unit, a 3.0% lift. This bump compares to a 1.3% decline in May from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It climbed 2.3% in June from a year earlier to $268,766. It went from $251,014 to $251,435 from May 2015 to May 2016.
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 81.1% of new home closings to 80.3% of closings while attached units have gone from 18.9% of closings to 19.7% of closings.
The average unit size of newly sold homes fell 10.8% year-over-year to 2,480 square feet in June 2016. The average size of newly sold homes moved from 2,717 square feet in May 2015 to 2,330 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 24.0% of closings, below 36.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.2% in June from 16.9% a year earlier while REO closings as a percentage of existing home closings slid to 12.8% from 19.7% a year earlier.