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Freshest Numbers For Orlando Show New Home Closings and Prices Increase

Posted on: May 06, 2013 07:27:20 AM

In February, there was an increase in closings of new homes in the Orlando, FL market year-over-year, but the market seemed to show signs of stabilizing as the percentage rose was less than in January 2013. Closings rose 33.2% from a year earlier to 485, relative to a 57.3% jump in January from the year earlier.

A total of 5,700 new homes were sold during the 12 months that ended in February, up from 5,579 for the year that ended in January.

As a percentage of overall housing closings, new home closings represented 12.4%. This marks a rise from 9.9% of total closings a year earlier. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.

Pricing and Mortgage Trends

Average price of newly sold homes had a 12.7% hike year-over-year to $240,265 per unit in February. This rise is smaller than the 15.8% boost in January year-over-year.

Average mortgage size on new homes gained year-over-year along with new home prices. In February 2013, there was a 13.9% surge in the average mortgage size, reaching $204,769. In January 2013, average mortgage size on newly sold homes saw a 12.8% hike year-over-year from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 84.3% of average price to 85.2% from a year earlier. In January 2013, there was a 2.3 percentage point decline from the 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 climbed from 94.0% in February 2012 to 97.9% of closings in February 2013. At the same time, the share of new home closings belonging to attached units fell to 2.1% of closings from 6.0% of closings.

For all new homes sold, the average unit size sank 15.6% year-over-year to 1,661 square feet in February 2013. This fall was opposite the price gain, a pattern also seen in January 2013 when the average size of newly sold homes dropped 14.9% to 1,824 square feet.

Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 40.8% of closings, below 52.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.9% in February from 28.0% a year earlier while REO closings as a percentage of existing home closings slipped to 20.9% from 24.0% a year earlier.

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