In the Victoria, TX market, new home closings fell year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 8 a year earlier to 3 after the figure moved from 4 in January 2015 to 1 in January 2016.

A total of 61 new homes were sold during the 12 months that ended in February, down from 66 for the year that ended in January.

Last year, 8 of 138 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 127 total closings. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $244,601, an increase from $235,630 a year earlier. This was on the heels of a 22.3% bump in January year-over-year.

Average mortgage size on new homes rose from $195,525 to $242,180. Average mortgage size on new homes went from $183,164 in January 2015 to $171,517 in January 2016.

Other Market Trends

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

Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 14.5% of existing home closings, above 13.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.7% in February from 7.7% a year earlier while REO closings as a percentage of existing home closings fell to 4.8% from 6.2% a year earlier.

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