In April, there was a fall year-over-year in new home closings in the Palm Coast, FL market, falling after a rise in March 2016. New home closings moved from 26 a year earlier to 10 after the figure moved from 12 in March 2015 to 18 in March 2016.
A total of 194 new homes were sold during the 12 months that ended in April, down from 210 for the year that ended in March.
Last year, 26 of 336 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 283 total closings. After rising year-over-year in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $346,196, up from $239,535 a year earlier. This followed a 45.5% lift in March year-over-year.
The average mortgage size on new homes was $249,018, up from $212,488. Average mortgage size on new homes went from $220,055 in March 2015 to $256,759 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 20.1% of existing closings, lower than 32.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.4% in April from 9.7% a year earlier while REO closings as a percentage of existing home closings sank to 11.7% from 23.2% a year earlier.
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