In September, there was a decline year-over-year in new home closings in the Tampa, FL market, swinging downward off a year-over-year surge in August 2015. New home closings saw a drop of 1.1% from the year earlier to 450. This followed a 32.7% rise 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 made up 6.2% of overall housing closings. New home closings were 6.8% of overall closings last year. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
In September, the average value of new homes saw a 5.6% rise year-over-year as it grew to $296,037 per unit. This surge is higher than the 4.0% gain in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In September 2015, the average mortgage size was $247,329, a 1.3% gain from a year earlier. In August 2015, average mortgage size grew 3.2% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have dipped. Attached unit closings grew from 19.1% of all closings in September 2014 to 24.0% of closings in September 2015. Conversely, the share belonging to single-family homes slid to 76.0% of closings from 80.9% of closings.
For all new homes sold, the average unit size fell 33.9% year-over-year to 1,669 square feet in September 2015. For newly sold homes, an average size decline contrasting with an average price hike 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 declined in September from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 31.8% of existing home closings, down from 46.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.2% in September from 24.4% a year earlier while REO closings as a percentage of existing home closings fell to 18.6% from 22.1% a year earlier.