New home closings in the Palm Coast, FL market fell year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 26 a year earlier to 10 after the figure moved from 19 in July 2014 to 13 in July 2015.
A total of 182 new homes were sold during the 12 months that ended in August, down from 198 for the year that ended in July.
New home closings represented 10 out of the 306 total closings, which is a smaller percentage than the 26 of 334 total closings a year earlier. For new and existing homes, closings declined in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $338,725 from $205,015 a year ago. This was on the heels of a 22.2% lift in July year-over-year.
Average mortgage size on new homes rose from $155,917 to $288,301. Average mortgage size on new homes went from $165,413 in July 2014 to $245,097 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 26.4% of existing home closings, down from 42.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.5% in August from 21.4% a year earlier while REO closings as a percentage of existing home closings dropped to 14.9% from 20.8% a year earlier.
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