New home closings dropped year-over-year in April in the Deltona, FL market, swinging downward off a year-over-year surge in March 2016. New home closings saw a 8.9% drop from a year earlier to 72. In comparison, new home closings in the same month last year saw a 30.9% boost 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.
Of the total number of closings, new home closings made up 5.2%. As a part of the whole, new home closings were 5.0% a year earlier. Following a year-over-year rise in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes increased year-over-year to $243,583 per unit, a 3.0% gain. This lift compares to a 1.8% drop 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 rose 13.5% in March 2016 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings jumped from 77.2% of new closings in April 2015 to 90.3% of closings in April 2016. Conversely, the share of new home closings belonging to attached units sank to 9.7% of closings from 22.8% of closings.
For all new homes sold, the average unit size fell 5.4% year-over-year to 2,052 square feet in April 2016. The average size of newly sold homes moved from 2,255 square feet in March 2015 to 1,743 square feet in March 2016.
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 accounted for 24.6% of existing home closings, down from 38.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.7% in April from 16.4% a year earlier while REO closings as a percentage of existing home closings dropped to 14.0% from 22.1% a year earlier.