Closings of new homes fell year-over-year in July in the Deltona, FL market, and the percentage drop, which was steeper than June 2015, gave signs that the market may be worsening. There was a 46.2% decline in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 16.3% fall year-over-year in June.
A total of 818 new homes were sold during the 12 months that ended in July, down from 866 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 3.8%. This is down from the a year earlier when new home closings made up 6.9% of total closings. Following a year-over-year increase in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $241,411 in July 2015 from $240,562 in July 2014. This followed a 14.0% bump in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In July 2015, there was a 3.6% hike in the average mortgage size, reaching $207,638. Average mortgage size gained 5.8% in June 2015 from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 86.5% of new home closings to 85.7% of closings while attached units have gone from 13.5% of closings to 14.3% of closings.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 36.5% of existing home closings, below 47.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.9% in July from 26.9% a year earlier and REO closings moved from 20.1% of existing home closings in July 2014 to 19.6% in July 2015.