The Deltona, FL market saw a drop in new home closings year-over-year in December, drawing a downward slope off of a rise in November 2015. New home closings saw a 1.1% drop from a year earlier to 92. This was after the housing market saw a 4.3% hike year-over-year in November.
A total of 908 new homes were sold during the 12 months that ended in December, down from 909 for the year that ended in November.
New home closings accounted for 7.0% of overall housing closings. A year ago, 6.8% of total closings were new home closings. Closings of new and existing homes slid year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes rose year-over-year to $259,434 per unit, a 8.2% bump. This lift compares to a 10.0% decline in November from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In December 2015, average mortgage size rose 6.4% from a year earlier to $208,385. It went from $189,721 to $189,517 from November 2014 to November 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units increased from 19.4% of closings in December 2014 to 21.7% of closings in December 2015. Conversely, the share belonging to single-family homes sank to 78.3% of closings from 80.6% of closings.
There was a 4.2% boost year-over-year in the average unit size of newly sold homes to 2,231 square feet in December 2015. The average size of newly sold homes moved from 2,195 square feet in November 2014 to 2,417 square feet in November 2015.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 29.2% of existing home closings, below 40.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.9% in December from 16.9% a year earlier while REO closings as a percentage of existing home closings fell to 17.2% from 23.1% a year earlier.