Closings of new homes in the Beaumont, TX market fell year-over-year in May, a decline following a rise in April 2016. New home closings moved from 14 a year earlier to 10 after the figure moved from 9 in April 2015 to 10 in April 2016.
A total of 164 new homes were sold during the 12 months that ended in May, down from 168 for the year that ended in April.
Out of the 461 total closings, 10 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year increase in April, closings of new and existing homes declined year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $198,199, down from $223,878 a year earlier. This came after a 3.3% bump in April year-over-year.
There was a decline in average mortgage size on new homes, going from $184,290 last year to $169,527 in May 2016. Average mortgage size on new homes went from $227,874 in April 2015 to $245,271 in April 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 May 2016.
The average unit size of newly sold homes fell from 1,991 square feet a year earlier to 1,503 square feet.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 16.9% of existing home closings, up from 16.1% a year earlier. The percentage of existing home closings involving foreclosures went from 8.7% in May 2015 to 7.8% in May 2016 and REO closings as a percentage of existing home closings grew to 9.1% from 7.4%.