In the Amarillo, TX market in December, new home closings fell year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 22 a year earlier to 3 after the figure moved from 31 in November 2014 to 3 in November 2015.
A total of 217 new homes were sold during the 12 months that ended in December, down from 236 for the year that ended in November.
New home closings were 3 out of the 401 total closings, down on a percentage basis from 22 of 446 a year earlier. Closings of new and existing homes slid year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $217,197, compared with $261,355 last year. This was on the heels of a 12.3% decline in November from a year earlier.
There was a decline in average mortgage size on new homes, going from $230,256 last year to $190,097 in December 2015. Average mortgage size on new homes went from $185,850 in November 2014 to $177,612 in November 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,331 square feet a year earlier to 1,829 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 17.8% of existing closings, lower than 21.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.0% in December from 9.9% a year earlier while REO closings as a percentage of existing home closings dropped to 9.8% from 12.0% a year earlier.