There was an increase in closings of new homes in the Palm Coast, FL market in March year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 12 a year earlier to 18 after the figure moved from 19 in February 2015 to 7 in February 2016.
A total of 208 new homes were sold during the 12 months that ended in March, up from 202 for the year that ended in February.
New home closings were 18 out of 296 total closings, making up 6.1%. This is up on a percentage basis from 12 of 268 a year earlier. After dropping in February from a year earlier, closings of new and existing homes rose year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $244,946 last year to $356,303. This was on the heels of a 18.0% rise in February year-over-year.
The average mortgage size on new homes was $256,759, up from $220,055. Average mortgage size on new homes went from $164,603 in February 2015 to $258,140 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes rose from 2,272 square feet a year earlier to 2,684 square feet.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 26.3% of existing home closings, below 41.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.4% in March from 18.4% a year earlier while REO closings as a percentage of existing home closings slid to 11.9% from 23.4% a year earlier.