In the Palm Coast, FL market, closings of new homes sank year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 9 a year earlier to 4 after the figure moved from 23 in December 2014 to 21 in December 2015.
A total of 204 new homes were sold during the 12 months that ended in January, down from 209 for the year that ended in December.
Last year, 9 of 254 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 194 total closings. Closings of new and existing homes sank year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $229,053, compared with $261,671 last year. This followed a 16.0% boost in December year-over-year.
There was a decline in average mortgage size on new homes, going from $234,873 last year to $179,920 in January 2016. In December 2015, average mortgage size on newly sold homes saw a 20.9% lift year-over-year 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 January 2016.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.6% of existing closings, lower than 50.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.3% in January from 27.8% a year earlier while REO closings as a percentage of existing home closings fell to 15.3% from 22.4% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Palm Coast, FL area.