New home closings in the Beaumont, TX market stayed the same year-over-year in April, staying flat after dropping year-over-year in March from the year earlier. Closings remained level at 9 from a year earlier after the figure moved from 15 in March 2015 to 10 in March 2016.
A total of 167 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
9 of the 447 total closings were new home closings, a shift on a percentage basis from 9 out of 528 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $273,666, down from $284,842 a year earlier. This came after a 13.2% bump in March year-over-year.
Average mortgage size on new homes increased to $230,298 from $227,874 last year. Average mortgage size on new homes went from $228,962 in March 2015 to $239,888 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 2,496 square feet a year earlier to 1,745 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 16.4% of existing home closings, below 21.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.5% in April from 10.4% a year earlier while REO closings as a percentage of existing home closings dropped to 8.9% from 10.6% a year earlier.