Closings of new homes fell year-over-year in November in the Palm Coast, FL market, and the decline was by a larger percentage than the October 2015. New home closings moved from 20 a year earlier to 11 after the figure moved from 13 in October 2014 to 9 in October 2015.
A total of 210 new homes were sold during the 12 months that ended in November, down from 219 for the year that ended in October.
New home closings were 6.3% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 11 of the 214 total closings. Closings of new and existing homes fell year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $254,185 last year to $338,882. This came after a 67.1% lift in October year-over-year.
Average mortgage size on new homes rose from $203,318 to $250,811. Average mortgage size on new homes went from $178,810 in October 2014 to $188,778 in October 2015.
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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 24.6% of existing closings, lower than 40.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.4% in November from 22.4% a year earlier while REO closings as a percentage of existing home closings slid to 17.2% from 18.3% a year earlier.
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