New home closings dropped year-over-year in December in the Palm Coast, FL market, but the decline was less than the year-over-year decline in November. New home closings moved from 23 a year earlier to 21 after the figure moved from 20 in November 2014 to 11 in November 2015.
A total of 208 new homes were sold during the 12 months that ended in December, down from 210 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 7.3%. This is better than the 5.8% of closings a year earlier. For new and existing homes, closings fell in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 16.0% hike year-over-year as it grew to $371,400 per unit. This bump is smaller than the 33.3% boost in November year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size jumped 20.9% to $238,944 in December from a year earlier. Average mortgage size on new homes went from $203,318 in November 2014 to $250,811 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
There was a 12.1% fall year-over-year in the average unit size of newly sold homes to 2,068 square feet in December 2015. For newly sold homes, an average size fall contrasting with an average price hike was also seen in November 2015 when the average size of newly sold homes slid 10.1% to 2,010 square feet. The average size of newly sold homes moved from 2,237 square feet in November 2014 to 2,010 square feet in November 2015.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 26.8% of existing home closings, down from 43.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.3% in December from 16.2% a year earlier while REO closings as a percentage of existing home closings fell to 15.5% from 27.0% a year earlier.
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