There was an increase in new home closings in the Killeen, TX market in September year-over-year, rising after a decline in August 2015. Closings climbed 2.8% from a year earlier to 147. In comparison, new home closings in the same month last year saw a 20.1% drop year-over-year in August.
A total of 1,541 new homes were sold during the 12 months that ended in September, up from 1,537 for the year that ended in August.
As a percentage of overall housing closings, new home closings represented 20.6% of overall housing closings. As a part of the whole, new home closings were 21.5% a year earlier. Closings of new and existing homes climbed year-over-year in September following a decline in August year-over-year.
Pricing and Mortgage Trends
In September, the average price of newly sold homes grew year-over-year to $201,924 per unit, a 1.0% rise. This hike is smaller than the 12.1% gain in August year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It jumped to $198,478 in September, a 3.7% bump. In August 2015, average mortgage size climbed 10.7% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 99.3% of new home closings to all of closings while attached units have gone from 0.7% of closings to no part of closings.
The average unit size of newly sold homes rose 2.6% year-over-year to 2,308 square feet in September 2015. The average size of newly sold homes moved from 2,200 square feet in August 2014 to 2,249 square feet in August 2015. An increase was also seen in August 2015 when the average size of new homes sold rose 2.2% to 2,249 square feet.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 30.5% of closings, below 34.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.0% in September from 19.7% a year earlier while REO closings as a percentage of existing home closings climbed to 18.5% from 14.8%.