New home closings in the College Station, TX market slid year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 50 a year earlier to 5 after the figure moved from 34 in April 2015 to 13 in April 2016.
A total of 255 new homes were sold during the 12 months that ended in May, down from 300 for the year that ended in April.
New home closings represented 5 out of the 269 total closings, which is a smaller percentage than the 50 of 508 total closings a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $268,632 last year to $273,118. This followed a 4.6% lift in April year-over-year.
Average mortgage size on new homes fell from $236,323 to $218,495. Average mortgage size went from $244,173 in April 2015 to $245,257 in April 2016.
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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 5.3% of closings, below 5.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.9% in May from 3.1% a year earlier and REO closings moved from 2.6% of existing home closings in May 2015 to 3.4% in May 2016.