New home closings in the Fort Worth, TX market jumped year-over-year in November, but the percentage surge was less than October 2015, suggesting the market may be leveling. Closings increased 4.3% from a year earlier to 1,687. This came on the heels of a 4.4% boost year-over-year in October.
A total of 22,080 new homes were sold during the 12 months that ended in November, up from 22,011 for the year that ended in October.
Out of all housing closings, new home closings made up 15.8%. New home closings were 15.1% of overall closings last year. Closings of new and existing homes remained steady in November after being unchanged in October from a year earlier.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 9.3% year-over-year in November to $337,732 per unit. This rise is an improvement over the 4.2% gain in October year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. In November 2015, the average mortgage size was $291,863, a 10.6% surge from a year earlier. Average mortgage size climbed 5.8% in October 2015 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 increased from 95.9% of new closings in November 2014 to 97.7% of closings in November 2015. Conversely, the share of new home closings belonging to attached units slid to 2.3% of closings from 4.1% of closings.
For all new homes sold, the average unit size jumped 9.7% year-over-year to 3,118 square feet in November 2015. The average size of newly sold homes moved from 2,961 square feet in October 2014 to 3,088 square feet in October 2015. An increase was also seen in October 2015 when the average size of new homes sold increased 4.3% to 3,088 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 14.4% of existing home closings, down from 20.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.9% in November from 8.4% a year earlier while REO closings as a percentage of existing home closings fell to 7.5% from 12.0% a year earlier.