Closings of new homes fell year-over-year in January in the Abilene, TX market, but the decline was less than the year-over-year decline in December. New home closings moved from 19 a year earlier to 1 after the figure moved from 19 in December 2014 to none in December 2015.
New home closings were 9.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 183 total closings. Closings of new and existing homes saw a decline year-over-year in January after remaining steady in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $225,000, down from $228,717 a year earlier. This was on the heels of a.
The average mortgage size moved to $180,000, down from last year's $208,804.
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 rose from 1,964 square feet a year earlier to 2,926 square feet.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 16.5% of existing home closings, up from 11.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.0% in January from 6.1% a year earlier and REO closings moved from 5.0% of existing home closings in January 2015 to 5.5% in January 2016.