In June, there was a drop year-over-year in new home closings in the College Station, TX market, and the decline was by a larger percentage than the May 2016. New home closings moved from 27 a year earlier to 1 after the figure moved from 51 in May 2015 to 7 in May 2016.
A total of 238 new homes were sold during the 12 months that ended in June, down from 264 for the year that ended in May.
New home closings were 5.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 42 total closings. For new and existing homes, closings declined in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $521,250, an increase from $296,715 a year earlier. This followed a 1.6% lift in May year-over-year.
The average mortgage size on new homes was $513,600, up from $244,707. Average mortgage size on new homes went from $236,552 in May 2015 to $229,578 in May 2016.
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 rose from 2,593 square feet a year earlier to 4,487 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for no part of existing closings, lower than 4.5% a year earlier. The percentage of existing home closings involving foreclosures slid to no part in June from 3.0% a year earlier while REO closings as a percentage of existing home closings dropped to no part from 1.5% a year earlier.