In the Beaumont, TX market in December, new home closings sank year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 16 a year earlier to 13 after the figure moved from 14 in November 2014 to 3 in November 2015.
A total of 173 new homes were sold during the 12 months that ended in December, down from 176 for the year that ended in November.
13 of the 557 total closings were new home closings, a shift on a percentage basis from 16 out of 515 a year earlier. For new and existing homes, closings grew year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $232,351, down from last year's $254,245. This came after a 38.7% fall in November from a year earlier.
Average mortgage size on new homes fell from $215,583 to $195,113. Average mortgage size on new homes went from $220,056 in November 2014 to $156,764 in November 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 December 2015.
The average unit size of newly sold homes rose from 1,912 square feet a year earlier to 2,385 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 16.9% of closings, below 20.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.5% in December from 12.4% a year earlier and REO closings moved from 7.8% of existing home closings in December 2014 to 8.5% in December 2015.