In August, there was a drop year-over-year in new home closings in the College Station, TX market, and the decline was by a larger percentage than the July 2015. New home closings moved from 66 a year earlier to 3 after the figure moved from 77 in July 2014 to 44 in July 2015.
A total of 419 new homes were sold during the 12 months that ended in August, down from 482 for the year that ended in July.
New home closings represented 3 out of the 43 total closings, which is a smaller percentage than the 66 of 399 total closings a year earlier. For new and existing homes, closings slid in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $274,824 from last year's $253,466. This was on the heels of a 22.7% hike in July year-over-year.
The average mortgage size on new homes was $231,018, up from $212,398. In July 2015, average mortgage size rose 25.6% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,126 square feet a year earlier to 3,604 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 5.0% of closings, below 5.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.0% in August from 2.4% a year earlier while REO closings as a percentage of existing home closings dropped to no part from 2.7% a year earlier.