In July, there was a drop year-over-year in new home closings in the Beaumont, TX market, and the decline was by a larger percentage than the June 2015. New home closings moved from 17 a year earlier to 10 after the figure moved from 16 in June 2014 to 12 in June 2015.
A total of 128 new homes were sold during the 12 months that ended in July, down from 135 for the year that ended in June.
Last year, 17 of 595 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 644 total closings. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $291,422, up from $228,594 a year earlier. This followed a 10.6% rise in June year-over-year.
Average mortgage size on new homes rose from $192,046 to $233,129. Average mortgage size on new homes went from $225,610 in June 2014 to $240,152 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes fell from 2,279 square feet a year earlier to 2,029 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 17.5% of existing home closings, below 21.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.6% in July from 12.8% a year earlier while REO closings as a percentage of existing home closings grew to 9.9% from 8.7%.