New home closings in the Palm Coast, FL market remained steady year-over-year in June, remaining relatively stable after moving north year-over-year in May from the year earlier. Closings remained level at 13 from a year earlier after the figure moved from 24 in May 2014 to 26 in May 2015.

A total of 197 new homes were sold during the 12 months that ended in June, equal to the number of new homes sold for the year that ended in May.

New home closings were 13 out of the 363 total closings, a move on a percentage basis from 13 of 352 a year earlier. Closings of new and existing homes grew year-over-year in June following a drop in May year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $319,949, an increase from $202,935 a year earlier. This followed a 7.8% bump in May year-over-year.

From the year-ago figure of $187,609, the average mortgage size on new homes moved up to $247,779. In May 2015, average mortgage size on newly sold homes saw a 8.2% rise 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 June 2015.

The average unit size of newly sold homes rose from 1,830 square feet a year earlier to 2,401 square feet.

Foreclosures and real estate owned (REO) closings fell in June from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 34.6% of closings, below 39.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.7% in June from 18.0% a year earlier while REO closings as a percentage of existing home closings gained to 22.9% from 21.5%.

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