There was an increase in new home closings in the Killeen, TX market in November year-over-year, swinging upward off a decline in October 2015. Closings increased to 112, marking a 6.7% move from a year earlier. This compares with the change from 108 in October 2014 to 105 in October 2015.
A total of 1,545 new homes were sold during the 12 months that ended in November, up from 1,538 for the year that ended in October.
Of the total number of closings, new home closings made up 18.7%. A year ago, new home closings accounted for 18.8%. After dropping in October from a year earlier, closings of new and existing homes rose year-over-year in November.
Pricing and Mortgage Trends
In November, the average price for new home closings was $194,053, a 1.5% drop from last year. This drop compares to a 13.7% boost in October year-over-year.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased to $193,966 in November, a 1.7% hike. Average mortgage size jumped 12.5% in October 2015 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 99.0% of new home closings to all of closings while attached units have gone from 1.0% of closings to no part of closings.
There was a 20.6% lift year-over-year in the average unit size of newly sold homes to 2,513 square feet in November 2015. In October, the average size of new homes sold went from 2,174 square feet a year earlier to 2,064 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 33.0% of existing home closings, down from 33.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 13.9% in November from 19.8% a year earlier while REO closings as a percentage of existing home closings gained to 19.1% from 14.1%.