In the Deltona, FL market in April, new home closings dropped year-over-year, a move downward following a hike in March 2016. New home closings saw a 8.9% decline from a year earlier to 72. This came on the heels of a 30.9% rise year-over-year in March.
A total of 1,013 new homes were sold during the 12 months that ended in April, down from 1,020 for the year that ended in March.
New home closings accounted for 5.2% of overall housing closings. A year earlier, new home closings accounted for 5.0% of total closings. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes jumped 3.0% year-over-year to $243,583 per unit. This boost compares to a 1.8% fall in March from a year earlier.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. In April 2016, there was a 5.6% fall in the average mortgage size on new homes to $211,942. Average mortgage size gained 13.5% in March 2016 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings increased from 77.2% of new closings in April 2015 to 90.3% of closings in April 2016. At the same time, the share of new home closings belonging to attached units sank to 9.7% of closings from 22.8% of closings.
The average unit size of newly sold homes declined 5.4% year-over-year to 2,052 square feet in April 2016. In March, the average size of new homes sold went from 2,255 square feet a year earlier to 1,743 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 24.6% of existing home closings, down from 38.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.7% in April from 16.4% a year earlier while REO closings as a percentage of existing home closings fell to 14.0% from 22.1% a year earlier.