In the Palm Coast, FL market in May, new home closings declined year-over-year, but the decline was less than the year-over-year decline in April. New home closings moved from 28 a year earlier to 14 after the figure moved from 26 in April 2015 to 10 in April 2016.
A total of 180 new homes were sold during the 12 months that ended in May, down from 194 for the year that ended in April.
New home closings were 14 out of the 345 total closings, down on a percentage basis from 28 of 337 a year earlier. Following a fall in April year-over-year, closings of new and existing homes climbed year-over-year in May.
Pricing and Mortgage Trends
The average new home value went from $291,632 last year to $383,354. This was on the heels of a 44.5% bump in April year-over-year.
Average mortgage size on new homes went from $260,860 a year earlier to $318,136. Average mortgage size on new homes went from $212,488 in April 2015 to $249,018 in April 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 May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 13.6% of existing home closings, below 30.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.0% in May from 11.3% a year earlier while REO closings as a percentage of existing home closings sank to 7.6% from 19.1% a year earlier.
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