New home closings in the Longview, TX market dropped year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 6 a year earlier to none after the figure moved from 4 in October 2014 to 2 in October 2015.
New home closings represented none out of the 218 total closings, which is a smaller percentage than the 6 of 212 total closings a year earlier. New and existing home closings grew in November after a remaining level in October from a year earlier.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 1,679 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 15.6% of existing home closings, down from 17.0% a year earlier. The percentage of existing home closings involving foreclosures went from 10.2% in November 2014 to 10.6% in November 2015 and REO closings as a percentage of existing home closings declined to 5.0% from 6.8% a year earlier.