There was a rise in closings of new homes in the Deltona, FL market in March year-over-year, picking up from a decline in February 2016. New home closings saw a 32.5% rise from a year earlier to 110. In comparison, new home closings in the same month last year saw a 8.7% decline year-over-year in February.
A total of 1,046 new homes were sold during the 12 months that ended in March, up from 1,019 for the year that ended in February.
New home closings represented 7.1% of overall housing closings. This is an increase on a percentage basis, as new home closings were 5.5% of total closings a year ago. After dropping in February from a year earlier, closings of new and existing homes rose year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $248,569 in March, up 4.2% from last year. This surge is smaller than the 9.5% gain in February year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $221,085 in March, marking a 13.3% bump compared with a year earlier. In February 2016, average mortgage size on newly sold homes saw a 6.3% gain year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings climbed from 84.3% of new closings in March 2015 to 90.9% of closings in March 2016. Conversely, the share of new home closings belonging to attached units fell to 9.1% of closings from 15.7% of closings.
The average unit size of newly sold homes slid 24.4% year-over-year to 1,704 square feet in March 2016. The average size of newly sold homes moved from 1,999 square feet in February 2015 to 3,098 square feet in February 2016.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 26.3% of closings, below 42.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.0% in March from 22.4% a year earlier while REO closings as a percentage of existing home closings dropped to 15.3% from 20.5% a year earlier.