New home closings in the Deltona, FL market rose year-over-year in January, but the percentage rise was not as steep as December 2015, giving signals of market leveling out. Closings rose 21.2% from a year earlier to 63. This came on the heels of a 25.8% rise year-over-year in December.
A total of 985 new homes were sold during the 12 months that ended in January, up from 974 for the year that ended in December.
New home closings represented 6.0% of overall housing closings. This marks a rise from 4.9% of total closings a year earlier. Following a period of little movement in December from a year earlier, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in January to $251,151 per unit, a rise of 16.8%. This gain is better than the 9.9% rise in December year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. Average mortgage size slid by 2.8% from a year earlier, settling at $196,316 in January. Average mortgage size increased 5.7% in December 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have fallen. Attached unit closings rose from 15.4% of all closings in January 2015 to 17.5% of closings in January 2016. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 82.5% of closings from 84.6% of closings.
There was a 8.8% decline year-over-year in the average unit size of newly sold homes to 1,862 square feet in January 2016. The average size of newly sold homes moved from 2,141 square feet in December 2014 to 2,231 square feet in December 2015.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 35.4% of existing home closings, below 45.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 14.7% in January from 20.5% a year earlier while REO closings as a percentage of existing home closings dropped to 20.6% from 24.9% a year earlier.