Closings of new homes sank year-over-year in January in the Waco, TX market, and the decline was by a larger percentage than the December 2015. New home closings moved from 17 a year earlier to 10 after the figure moved from 33 in December 2014 to 26 in December 2015.

A total of 302 new homes were sold during the 12 months that ended in January, down from 309 for the year that ended in December.

New home closings represented 10 out of the 307 total closings, which is a smaller percentage than the 17 of 370 total closings a year earlier. After rising year-over-year in December, closings of new and existing homes dropped year-over-year in January.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $242,809 from $155,152 a year ago. This followed a 13.0% decline in December from a year earlier.

Average mortgage size on new homes increased to $199,723 from $141,130 last year. Average mortgage size slid 9.6% in December 2015 from a year earlier.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.

The average unit size of newly sold homes fell from 1,917 square feet a year earlier to 880 square feet.

Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 19.5% of existing home closings, up from 18.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.5% in January from 12.2% a year earlier and REO closings moved from 5.9% of existing home closings in January 2015 to 6.1% in January 2016.

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