New home closings in the Sherman, TX market remained steady year-over-year in December, staying relatively stable after having decreased year-over-year in November. Closings remained level at 16 from a year earlier after the figure moved from 9 in November 2014 to 3 in November 2015.
A total of 143 new homes were sold during the 12 months that ended in December, equal to the number of new homes sold for the year that ended in November.
Out of all housing closings, new home closings made up 5.4%. This is down from the 7.2% of closings a year earlier. Closings of new and existing homes climbed year-over-year in December following a decline in November year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes dropped year-over-year to $218,277 in December, a fall of 13.2% from a year earlier. This drop compares to a 14.7% lift in November year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. It declined to $203,548 in December, a 11.4% drop. Average mortgage size on new homes went from $196,359 in November 2014 to $244,789 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. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes increased 9.4% year-over-year to 2,881 square feet in December 2015.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 20.9% of existing home closings, above 16.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.4% in December from 6.3% a year earlier while REO closings as a percentage of existing home closings slid to 6.5% from 10.2% a year earlier.