In the Midland, TX market in December, new home closings fell year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 64 a year earlier to 5 after the figure moved from 66 in November 2014 to 4 in November 2015.
A total of 317 new homes were sold during the 12 months that ended in December, down from 376 for the year that ended in November.
New home closings were 14.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 5 of the 206 total closings. For new and existing homes, closings slid in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $264,779, down from $288,299 a year earlier. This was on the heels of a 17.9% hike in November year-over-year.
Average mortgage size on new homes fell from $254,529 to $240,262. Average mortgage size on new homes went from $254,117 in November 2014 to $320,203 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 fell from 2,239 square feet a year earlier to 2,148 square feet.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 14.9% of existing home closings, above 4.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.5% in December from 3.3% a year earlier while REO closings as a percentage of existing home closings rose to 5.5% from 1.3%.