In the Deltona, FL market, closings of new homes climbed year-over-year in November, snapping back from a fall in October 2015. There was a 4.3% jump in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 24.3% decline year-over-year in October.
A total of 909 new homes were sold during the 12 months that ended in November, up from 906 for the year that ended in October.
As a percentage of overall housing closings, new home closings represented 6.5% of overall housing closings. As a part of the whole, new home closings were 6.0% a year earlier. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.0% fall year-over-year to $213,416 per unit in November. This decline is larger than the 4.0% fall in October from a year earlier.
In November 2015, average mortgage size on new homes went from $189,721 in November 2014 to $189,517 in November 2015. Average mortgage size climbed 1.3% in October 2015 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. Attached unit closings jumped from 10.1% of all closings in November 2014 to 18.1% of closings in November 2015. Conversely, the share belonging to single-family homes fell to 81.9% of closings from 89.9% of closings.
There was a 10.1% lift year-over-year in the average unit size of newly sold homes to 2,417 square feet in November 2015. The average size of newly sold homes moved from 2,090 square feet in October 2014 to 1,420 square feet in October 2015.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 36.1% of existing closings, lower than 45.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 15.7% in November from 24.1% a year earlier and REO closings moved from 21.2% of existing home closings in November 2014 to 20.4% in November 2015.