In September, the Deltona, FL market saw a decline year-over-year in new home closings, curving down after an increase in August 2015. There was a 9.6% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 18.1% climb year-over-year in August.
A total of 892 new homes were sold during the 12 months that ended in September, down from 900 for the year that ended in August.
New home closings represented 5.5% of overall housing closings. A year earlier, new home closings made up 6.0% of total closings. Following a year-over-year increase in August, closings of new and existing homes slid year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $241,958 in September, up 5.4% from last year. This surge follows a move from $225,889 per unit to $224,212 from August 2014 to August 2015.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In September 2015, the average mortgage size on newly sold homes saw a 2.5% gain from a year earlier. In August 2015, average mortgage size jumped 8.1% 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 September 2015. Single-family home closings have made up 86.7% of new home closings while attached unit closings have represented 13.3% of closings.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 37.5% of existing closings, lower than 47.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 19.2% in September from 26.6% a year earlier while REO closings as a percentage of existing home closings fell to 18.3% from 20.9% a year earlier.