The Longview, TX market saw no change in new home closings year-over-year in February, staying relatively stable after having decreased year-over-year in January. Closings remained level at 2 from a year earlier after the figure moved from 2 in January 2015 to none in January 2016.
New home closings were 2 out of the 153 total closings, a move on a percentage basis from 2 of 220 a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $325,987 from last year's $254,406. This was on the heels of a.
Average mortgage size on new homes increased to $260,790 from $203,525 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes rose from 2,030 square feet a year earlier to 2,322 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 15.9% of existing home closings, below 19.3% a year earlier. The percentage of existing home closings involving foreclosures stayed at 10.6% of closings in February from a year earlier while REO closings as a percentage of existing home closings declined to 5.3% from 8.7% a year earlier.