New home closings grew year-over-year in November in the Fort Worth, TX market, but there were signals the market may be stabilizing with a percentage rise shallower than October 2015. New home closings saw a jump of 4.3% from the year earlier to 1,687. In comparison, new home closings in the same month last year saw a 4.4% climb year-over-year in October.
A total of 22,080 new homes were sold during the 12 months that ended in November, up from 22,011 for the year that ended in October.
New home closings represented 15.8% of overall housing closings. They made up 15.1% of closings a year earlier. Closings of new and existing homes remained steady in November after being unchanged in October from a year earlier.
Pricing and Mortgage Trends
In November, the average price of newly sold homes gained year-over-year to $337,732 per unit, a 9.3% gain. This bump is better than the 4.2% hike in October year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. The average mortgage size saw a 10.6% boost year-over-year to $291,863 in November. Average mortgage size gained 5.8% in October 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 95.9% of new closings in November 2014 to 97.7% of closings in November 2015. Conversely, the share of new home closings belonging to attached units sank to 2.3% of closings from 4.1% of closings.
For all new homes sold, the average unit size gained 9.7% year-over-year to 3,118 square feet in November 2015. An increase in both the average size and price of newly sold homes was also seen in October 2015 when the average size climbed 4.3% to 3,088 square feet. The average size of newly sold homes moved from 2,961 square feet in October 2014 to 3,088 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 14.4% of existing home closings, below 20.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.9% in November from 8.4% a year earlier while REO closings as a percentage of existing home closings declined to 7.5% from 12.0% a year earlier.