In the Longview, TX market, closings of new homes declined 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 were 2.8% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 218 total closings. Closings of new and existing homes climbed in November after staying steady 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 look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 15.6% of closings, below 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 fell to 5.0% from 6.8% a year earlier.