The Palm Coast, FL market saw a drop in new home closings year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 19 a year earlier to 7 after the figure moved from 9 in January 2015 to 8 in January 2016.
A total of 202 new homes were sold during the 12 months that ended in February, down from 214 for the year that ended in January.
New home closings were 6.8% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 7 of the 233 total closings. Following a year-over-year decline in January, closings of new and existing homes also declined year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $264,758 last year to $312,422. This was on the heels of a 7.2% lift in January year-over-year.
From the year-ago figure of $164,603, the average mortgage size on new homes moved up to $258,140. Average mortgage size on new homes went from $234,873 in January 2015 to $248,200 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 19.9% of existing home closings, below 37.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.6% in February from 10.3% a year earlier while REO closings as a percentage of existing home closings slid to 13.3% from 27.2% a year earlier.