There was a rise in closings of new homes in the Killeen, TX market in January year-over-year, moving north after a fall in December 2015. New home closings saw a rise of 2.2% from the year earlier to 95. This was after the housing market saw a 2.9% decline year-over-year in December.
A total of 1,559 new homes were sold during the 12 months that ended in January, up from 1,557 for the year that ended in December.
Out of all housing closings, new home closings made up 16.9%. This is a hike from 15.2% of closings a year earlier. Following a year-over-year rise in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes rose year-over-year to $220,189 per unit, a 9.8% rise. This bump is higher than the 7.7% boost in December year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In January 2016, the average mortgage size was $212,987, up 10.3% from a year earlier. In December 2015, average mortgage size on newly sold homes saw a 5.9% lift year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 95.7% of new closings in January 2015 to all of closings in January 2016. Meanwhile, attached units as a percentage of all new home closings dropped to no part of closings from 4.3% of closings.
For all new homes sold, the average unit size declined 4.2% year-over-year to 2,193 square feet in January 2016. The average size of newly sold homes moved from 2,295 square feet in December 2014 to 2,544 square feet in December 2015.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 35.2% of existing closings, lower than 43.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.1% in January from 27.7% a year earlier while REO closings as a percentage of existing home closings grew to 19.1% from 16.2%.