In July, there was a decline year-over-year in new home closings in the Palm Coast, FL market, a decline following a rise in June 2015. New home closings moved from 19 a year earlier to 8 after the figure moved from 13 in June 2014 to 14 in June 2015.
A total of 188 new homes were sold during the 12 months that ended in July, down from 199 for the year that ended in June.
Last year, 19 of 350 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 337 total closings. Following a year-over-year rise in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $310,840 from last year's $237,083. This was on the heels of a 59.2% bump in June year-over-year.
Average mortgage size on new homes rose from $165,413 to $260,530. Average mortgage size on new homes went from $187,609 in June 2014 to $260,149 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 33.4% of existing home closings, down from 44.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.1% in July from 20.8% a year earlier while REO closings as a percentage of existing home closings slid to 20.4% from 23.6% a year earlier.
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