In the Deltona, FL market in February, closings of new homes fell year-over-year, moving downward after a lift in January 2016. New home closings saw a drop of 33.3% from the year earlier to 46. This came on the heels of a 38.5% rise year-over-year in January.
A total of 973 new homes were sold during the 12 months that ended in February, down from 996 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 4.1%. This is a drop 5.6% of closings a year earlier. After remaining steady in January from a year earlier, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 9.1% surge year-over-year as it grew to $250,531 per unit. This rise is smaller than the 21.3% surge in January year-over-year.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. In February 2016, average mortgage size grew 4.7% from a year earlier to $208,054. Average mortgage size gained 2.8% in January 2016 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 85.5% of new home closings to 84.8% of closings while attached units have gone from 14.5% of closings to 15.2% of closings.
For all new homes sold, the average unit size climbed 58.9% year-over-year to 3,098 square feet in February 2016. In January, the average size of new homes sold went from 2,042 square feet a year earlier to 2,568 square feet. An increase was also seen in January 2016 when the average size of new homes sold grew 25.8% to 2,568 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 34.1% of existing home closings, below 46.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.0% in February from 24.3% a year earlier while REO closings as a percentage of existing home closings declined to 19.1% from 21.8% a year earlier.