In the Palm Coast, FL market, new home closings dropped year-over-year in October, and the decline was by a larger percentage than the September 2015. New home closings moved from 13 a year earlier to 5 after the figure moved from 25 in September 2014 to 15 in September 2015.
A total of 214 new homes were sold during the 12 months that ended in October, down from 222 for the year that ended in September.
New home closings were 4.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 5 of the 273 total closings. For new and existing homes, closings sank in October after also declining in September year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $341,320, an increase from $175,997 a year earlier. This followed a 25.2% bump in September year-over-year.
Average mortgage size on new homes went from $178,810 a year earlier to $183,560. Average mortgage size grew 22.2% in September 2015 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 October 2015.
The average unit size of newly sold homes rose from 2,054 square feet a year earlier to 2,090 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 24.6% of existing home closings, down from 46.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.2% in October from 20.9% a year earlier while REO closings as a percentage of existing home closings fell to 19.4% from 25.9% a year earlier.