In the Deltona, FL market in June, new home closings gained year-over-year, but the percentage gain was not as steep as May 2016, giving suggestions of market evening out. New home closings saw a 21.3% boost from a year earlier to 114. This came on the heels of a 56.2% rise year-over-year in May.
A total of 1,090 new homes were sold during the 12 months that ended in June, up from 1,070 for the year that ended in May.
New home closings represented 7.3% of overall housing closings. This marks a rise from 5.7% of total closings a year earlier. Closings of new and existing homes saw a drop year-over-year in June after remaining steady in May year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in June was $247,830 per unit, down 4.4% from a year earlier. This decline compares to a 6.4% rise in May year-over-year.
The average mortgage size on newly sold homes climbed year-over-year in contrast to the average price of new homes. It rose to $213,236 in June, a 3.8% rise. Average mortgage size rose 10.2% in May 2016 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes climbed from 88.3% in June 2015 to 93.0% of closings in June 2016. At the same time, the share of new home closings belonging to attached units sank to 7.0% of closings from 11.7% of closings.
The average unit size of newly sold homes grew 9.0% year-over-year to 2,628 square feet in June 2016. The average size of newly sold homes moved from 2,225 square feet in May 2015 to 2,390 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 22.0% of existing home closings, below 38.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.9% in June from 19.0% a year earlier while REO closings as a percentage of existing home closings sank to 13.0% from 19.0% a year earlier.