In March, there was a decline year-over-year in new home closings in the College Station, TX market, and the percentage decline worsened from February 2016, indicating the market may be weakening. New home closings saw a 61.5% fall from a year earlier to 15. This followed a 36.6% drop year-over-year in February.
A total of 310 new homes were sold during the 12 months that ended in March, down from 334 for the year that ended in February.
Out of all housing closings, new home closings accounted for 7.8%. This is a fall 8.9% of closings a year earlier. Following a period of little movement in February from a year earlier, closings of new and existing homes sank year-over-year in March.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 15.6% year-over-year in March to $303,386 per unit. This rise compares to a period of little change in February from a year earlier.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. It increased 11.3% in March from a year earlier to $249,106. In February 2016, average mortgage size rose 2.1% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes grew from 94.9% in March 2015 to all of closings in March 2016. At the same time, the share of new home closings belonging to attached units sank to no part of closings from 5.1% of closings.
The average unit size of newly sold homes rose 25.0% year-over-year to 2,616 square feet in March 2016. The average size of newly sold homes moved from 2,074 square feet in February 2015 to 2,216 square feet in February 2016.
Out of all existing home closings, foreclosures combined with REO closings made up 4.0% of closings. They represented 4.0% in March 2015. The percentage of existing home closings involving foreclosures rose to 2.3% in March from 1.3% a year earlier while REO closings as a percentage of existing home closings fell to 1.7% from 2.8% a year earlier.