New home closings in the Tyler, TX market fell year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 7 a year earlier to 2 after the figure moved from 14 in December 2014 to 3 in December 2015.
A total of 98 new homes were sold during the 12 months that ended in January, down from 103 for the year that ended in December.
New home closings were 2.6% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 227 total closings. After rising year-over-year in December, closings of new and existing homes dropped year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $148,755, down from $241,254 a year earlier. This followed a 30.5% drop in December from a year earlier.
The average mortgage size went down to $147,283 from $197,933 a year earlier. Average mortgage size on new homes went from $180,389 in December 2014 to $119,507 in December 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 January 2016.
The average unit size of newly sold homes fell from 2,196 square feet a year earlier to 2,137 square feet.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 17.8% of existing home closings, up from 15.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.3% in January from 6.5% a year earlier while REO closings as a percentage of existing home closings declined to 4.4% from 8.8% a year earlier.