In the Abilene, TX market, new home closings slid year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 19 a year earlier to 1 after the figure moved from 16 in October 2014 to 1 in October 2015.
A total of 111 new homes were sold during the 12 months that ended in November, down from 129 for the year that ended in October.
New home closings represented 1 out of the 190 total closings, which is a smaller percentage than the 19 of 196 total closings a year earlier. After rising year-over-year in October, closings of new and existing homes fell year-over-year in November.
The average new home price was $102,541, down from $229,031 a year earlier. This followed a 36.3% gain in October year-over-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 November 2015.
The average unit size of newly sold homes fell from 2,114 square feet a year earlier to 1,620 square feet.
Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.5% of existing home closings, higher than 15.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.7% in November from 7.3% a year earlier while REO closings as a percentage of existing home closings dropped to 5.8% from 8.5% a year earlier.