In the Palm Coast, FL market, closings of new homes dropped year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 20 a year earlier to 9 after the figure moved from 28 in May 2015 to 14 in May 2016.
A total of 169 new homes were sold during the 12 months that ended in June, down from 180 for the year that ended in May.
New home closings represented 9 out of the 310 total closings, which is a smaller percentage than the 20 of 376 total closings a year earlier. After rising year-over-year in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $309,294, up from $294,122 a year earlier. This followed a 31.5% boost in May year-over-year.
Average mortgage size on new homes moved from $237,758 to $235,582. Average mortgage size on new homes went from $260,860 in May 2015 to $318,136 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.6% of closings, below 34.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.6% in June from 12.1% a year earlier while REO closings as a percentage of existing home closings sank to 11.0% from 22.5% a year earlier.