Tampa, St. Petersburg, Clearwater, FL Get this data
in your Inbox

You have successfully subscribed to the local housing data e-newsletter for .

If you wish to receive monthly updates for other market areas please subscribe to new markets using our expanded form.

Tampa, FL - Newest New Home Sales Decline Year-Over-Year in November After Rising Year-Over-Year in October

Posted on: Feb 06, 2012 09:44:06 AM

The Tampa, FL market saw a drop in new home sales year-over-year in November, a drop following an increase in October 2011. There was a change in new home sales from 400 a year earlier to 399 in November 2011. This followed a 3.7% rise in October from the year earlier.

A total of 4,251 new homes were sold during the 12 months that ended in November, down from 4,252 for the year that ended in October.

Out of all housing sales, new home sales made up 9.9%. This is an increase on a percentage basis, as new home sales were 7.6% of total sales a year ago. Sales of new and existing homes slid year-over-year in November after also falling in October year-over-year.

Pricing and Mortgage Trends

In November, the average price of newly sold homes rose to $211,045 per unit, a 3.7% rise year-over-year. The rise is an upward shift from a 13.9% fall in October from a year earlier.

Average mortgage size on new homes grew year-over-year along with new home prices. In November 2011, the average mortgage size was $167,322, up 25.9% from a year earlier. In October 2011, average mortgage size on newly sold homes saw a 6.9% decline from a year earlier. Of the overall sale price, the percentage that was being financed climbed 14.0 percentage points year-over-year to 79.3% in November 2011. This was another rise after October 2011 when there was a 6.2 percentage point rise from a year earlier.

Other Market Trends

As a percentage of new home sales, attached unit sales have risen from last year while single-family home sales have dropped. Attached unit sales climbed from 26.8% of all sales in November 2010 to 32.1% of sales in November 2011. At the same time, the share belonging to single-family homes dropped to 67.9% of sales from 73.2% of sales.

There was a 1.7% rise year-over-year in the average unit size of newly sold homes to 1,813 square feet in November 2011. In October, the average size of new homes sold went from 2,100 square feet a year earlier to 1,557 square feet.

Foreclosures and real estate owned (REO) sales declined in November from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, represented 39.7% of existing sales, lower than 68.5% a year earlier. The percentage of existing home sales involving foreclosures declined to 26.0% in November from 48.7% a year earlier while REO sales as a percentage of existing home sales slipped to 13.7% from 19.8% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.