In the Deltona, FL market, new home closings increased year-over-year in August, rallying back from a fall in July 2015. New home closings saw a hike of 8.3% from the year earlier to 78. This was after the housing market saw a 46.2% fall year-over-year in July.
A total of 835 new homes were sold during the 12 months that ended in August, up from 829 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 5.2% of overall housing closings. A year ago, 5.6% of total closings were new home closings. Closings of new and existing homes gained year-over-year in August following a drop in July year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in August was $223,065 per unit, down 1.3% from a year earlier. This drop follows a move from $240,562 per unit in July 2014 to $241,411 in July 2015.
For newly sold homes, the average mortgage size saw a hike year-over-year in contrast to new home prices. In August 2015, the average mortgage size on newly sold homes saw a 8.8% rise from a year earlier. Average mortgage size increased 3.6% in July 2015 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings rose from 5.6% of all closings in August 2014 to 11.5% of closings in August 2015. Conversely, the share belonging to single-family homes sank to 88.5% of closings from 94.4% of closings.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 40.8% of existing closings, lower than 42.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 20.5% in August from 21.7% a year earlier and REO closings moved from 20.7% of existing home closings in August 2014 to 20.3% in August 2015.