In the Deltona, FL market in September, new home closings declined year-over-year, sliding down after a gain in August 2015. Closings fell 9.6% from a year earlier to 75. This was after the housing market saw a 18.1% climb year-over-year in August.
A total of 892 new homes were sold during the 12 months that ended in September, down from 900 for the year that ended in August.
Of the total number of closings, new home closings made up 5.5%. New home closings were 6.0% of overall closings last year. After rising year-over-year in August, closings of new and existing homes dropped year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in September to $241,958 per unit, a rise of 5.4%. This bump follows a move from $225,889 per unit in August 2014 to $224,212 in August 2015.
Average mortgage size on new homes rose year-over-year along with new home prices. It climbed 2.5% in September from a year earlier to $180,510. In August 2015, average mortgage size increased 8.1% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015. Single-family home closings have accounted for 86.7% of new home closings while attached unit closings have represented 13.3% of closings.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 37.5% of existing closings, lower than 47.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 19.2% in September from 26.6% a year earlier while REO closings as a percentage of existing home closings dropped to 18.3% from 20.9% a year earlier.