Closings of new homes in the Amarillo, TX market sank year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 31 a year earlier to 3 after the figure moved from 25 in October 2014 to 10 in October 2015.
A total of 236 new homes were sold during the 12 months that ended in November, down from 264 for the year that ended in October.
Last year, 31 of 403 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 341 total closings. Following a year-over-year increase in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $191,388, down from $218,285 a year earlier. This was on the heels of a 47.4% hike in October year-over-year.
The average mortgage size moved to $177,612, down from last year's $185,850. Average mortgage size on new homes went from $195,916 in October 2014 to $297,542 in October 2015.
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 1,959 square feet a year earlier to 2,188 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 17.2% of existing home closings, down from 20.4% a year earlier. The percentage of existing home closings involving foreclosures went from 11.3% in November 2014 to 10.7% in November 2015 and REO closings as a percentage of existing home closings dropped to 6.5% from 9.1% a year earlier.