In December, the Victoria, TX market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the November 2015. New home closings moved from 11 a year earlier to 4 after the figure moved from 7 in November 2014 to 3 in November 2015.
A total of 69 new homes were sold during the 12 months that ended in December, down from 76 for the year that ended in November.
New home closings were 4 out of the 127 total closings, down on a percentage basis from 11 of 161 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also sank year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $279,915, up from $176,532 a year earlier. This was on the heels of a 23.4% boost in November year-over-year.
From the year-ago figure of $147,969, the average mortgage size on new homes moved up to $256,851. Average mortgage size on new homes went from $214,617 in November 2014 to $323,255 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes rose from 1,781 square feet a year earlier to 2,468 square feet.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 11.4% of existing home closings, above 6.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.3% in December from 3.3% a year earlier and REO closings moved from 3.3% of existing home closings in December 2014 to 4.1% in December 2015.