In the Palm Coast, FL market in August, closings of new homes sank year-over-year, 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 were 7.8% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 10 of the 306 total closings. For new and existing homes, closings dropped in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $338,725, an increase from $205,015 a year earlier. This came after a 22.2% gain in July year-over-year.
Average mortgage size on new homes increased to $288,301 from $155,917 last year. 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 remained a burden on the market. Combined, foreclosures plus REO closings made up 26.4% of existing home closings, below 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 declined to 14.9% from 20.8% a year earlier.