The Deltona, FL market saw a drop in new home closings year-over-year in September, sliding down after a surge in August 2015. New home closings saw a 9.6% decline from a year earlier to 75. In comparison, new home closings in the same month last year saw a 18.1% jump 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 ago, new home closings represented 6.0%. After rising year-over-year in August, closings of new and existing homes sank year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 5.4% gain year-over-year in September to $241,958 per unit. This rise 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 rose year-over-year along with new home prices. It increased to $180,510 in September, a 2.5% lift. Average mortgage size gained 8.1% in August 2015 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 accounted for 13.3% of closings.
Foreclosures and real estate owned (REO) closings decreased 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 declined 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.