In the Longview, TX market in January, new home closings declined year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 2 a year earlier to none after the figure moved from 7 in December 2014 to 3 in December 2015.
Last year, 2 of 199 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 164 total closings. Following a year-over-year decline in December, closings of new and existing homes also slid year-over-year in January.
Other Market Trends
There were no new home closings in January 2016, but average size of newly sold homes was 2,114 a year earlier.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 24.4% of existing home closings, up from 19.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.2% in January from 12.7% a year earlier while REO closings as a percentage of existing home closings rose to 9.1% from 6.6%.