New Home Prices Rise in Tampa According to Latest Figures, Sales Decline
Posted on: Aug 08, 2014 11:53:03 AM
In May, the Tampa, FL market saw a decline year-over-year in new home closings, and the percentage drop, which was steeper than April 2014, gave signals that the market may be worsening. There was a 19.2% fall in new home closings from a year earlier. This came after a 5.1% fall year-over-year in April.
A total of 5,799 new homes were sold during the 12 months that ended in May, down from 5,907 for the year that ended in April.
Out of all housing closings, new home closings represented 6.4%. This is down from the a year earlier when new home closings made up 7.7% of total closings. After rising year-over-year in April, closings of new and existing homes slid year-over-year in May.
Pricing and Mortgage Trends
Average price of newly sold homes had a 14.3% lift year-over-year to $278,796 per unit in May. This rise is smaller than the 17.4% hike in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In May 2014, average mortgage size gained 8.7% from a year earlier to $238,639. In April 2014, average mortgage size increased 13.0% from a year earlier.