Freshest Numbers For Tampa Show New Home Closings and Prices Climb
Posted on: May 06, 2013 07:36:35 AM
In the Tampa, FL market in February, new home closings rose year-over-year, but with an increase less steep than that of January 2013, the market seemed to be showing signs of stabilizing. New home closings climbed by 12.3% in February 2013 from a year earlier, after closings saw a 25.4% boost in January from the year earlier.
A total of 5,127 new homes were sold during the 12 months that ended in February, up from 5,083 for the year that ended in January.
Of the total number of closings, new home closings made up 7.7%. They represented 8.6% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also gained year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes climbed 11.1% year-over-year to $243,607 per unit. The boost is an upward shift from a 3.9% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In February 2013, average mortgage size jumped 13.1% from a year earlier to $219,554. Average mortgage size went from $208,868 in January 2012 to $207,435 in January 2013. The overall percentage of sale price that was being financed increased 1.6 percentage points year-over-year to 90.1% in February 2013.