In November, there was a decline year-over-year in new home closings in the Wichita Falls, TX market, declining after staying relatively stable in October from the year earlier. Closings stood at 1 in November after being 3 a year earlier and remaining unchanged at 3 in October from a year earlier.
A total of 38 new homes were sold during the 12 months that ended in November, down from 40 for the year that ended in October.
New home closings were 1 out of the 205 total closings, a move on a percentage basis from 3 of 207 a year earlier. After increasing in October from a year earlier, closings of new and existing homes remained level in November.
Pricing and Mortgage Trends
The average price of new homes was $275,293, an increase from $264,131 a year earlier. This followed a 40.3% fall in October from a year earlier.
The average mortgage size on new homes was $280,912, up from $211,305. Average mortgage size on new homes went from $206,629 in October 2014 to $124,435 in October 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 November 2015.
The average unit size of newly sold homes rose from 2,183 square feet a year earlier to 2,317 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 26.0% of existing home closings, below 26.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.2% in November from 13.2% a year earlier while REO closings as a percentage of existing home closings slid to 10.8% from 13.2% a year earlier.