In the Beaumont, TX market in January, closings of new homes declined year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 11 a year earlier to 7 after the figure moved from 16 in December 2014 to 13 in December 2015.
A total of 169 new homes were sold during the 12 months that ended in January, down from 173 for the year that ended in December.
New home closings were 7 out of the 435 total closings, a move on a percentage basis from 11 of 439 a year earlier. Closings of new and existing homes stayed level after increasing in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $225,973, up from $219,952 a year earlier. This was on the heels of a 8.6% decline in December from a year earlier.
Average mortgage size on new homes went from $189,555 a year earlier to $198,353. Average mortgage size on new homes went from $215,583 in December 2014 to $195,113 in December 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 January 2016.
The average unit size of newly sold homes rose from 1,950 square feet a year earlier to 2,637 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.4% of closings, below 22.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.3% in January from 11.9% a year earlier while REO closings as a percentage of existing home closings fell to 6.1% from 11.0% a year earlier.