The Deltona, FL market saw an increase in closings of new homes in November year-over-year, bouncing back from a drop in October 2015. New home closings saw a 4.3% rise from a year earlier to 72. In comparison, new home closings in the same month last year saw a 24.3% drop year-over-year in October.
A total of 909 new homes were sold during the 12 months that ended in November, up from 906 for the year that ended in October.
New home closings accounted for 6.5% of overall housing closings. As a part of the whole, new home closings were 6.0% a year earlier. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.0% drop year-over-year to $213,416 per unit in November. This fall is larger than the 4.0% drop in October from a year earlier.
In November 2015, average mortgage size on newly sold homes moved from $189,721 to $189,517 from November 2014. In October 2015, average mortgage size rose 1.3% 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 slumped. Attached unit closings rose from 10.1% of all closings in November 2014 to 18.1% of closings in November 2015. At the same time, the share belonging to single-family homes slid to 81.9% of closings from 89.9% of closings.
The average unit size of newly sold homes increased 10.1% year-over-year to 2,417 square feet in November 2015. The average size of newly sold homes moved from 2,090 square feet in October 2014 to 1,420 square feet in October 2015.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 36.1% of existing closings, lower than 45.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 15.7% in November from 24.1% a year earlier and REO closings moved from 21.2% of existing home closings in November 2014 to 20.4% in November 2015.