In June, there was an increase in closings of new homes in the Deltona, FL market year-over-year, but with a less pronounced percentage bump than May 2016, there are hints of market stabilization. Closings increased 21.3% from a year earlier to 114. This came on the heels of a 56.2% jump year-over-year in May.
A total of 1,090 new homes were sold during the 12 months that ended in June, up from 1,070 for the year that ended in May.
As a percentage of overall housing closings, new home closings made up 7.3%. This is better than the 5.7% of closings a year earlier. After remaining steady in May from a year earlier, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average price of newly sold homes fell 4.4% year-over-year in June to $247,830 per unit. This decline compares to a 6.4% surge in May year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year in contrast to new home prices. It climbed 3.8% in June from a year earlier to $213,236. In May 2016, average mortgage size gained 10.2% 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 increased from 88.3% of new closings in June 2015 to 93.0% of closings in June 2016. Meanwhile, attached units as a percentage of all new home closings fell to 7.0% of closings from 11.7% of closings.
The average unit size of newly sold homes grew 9.0% year-over-year to 2,628 square feet in June 2016. In May, the average size of new homes sold went from 2,225 square feet a year earlier to 2,390 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 22.0% of existing closings, lower than 38.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.9% in June from 19.0% a year earlier while REO closings as a percentage of existing home closings fell to 13.0% from 19.0% a year earlier.