New home closings in the Beaumont, TX market declined year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 13 a year earlier to 11 after the figure moved from 20 in August 2014 to 13 in August 2015.
A total of 152 new homes were sold during the 12 months that ended in September, down from 154 for the year that ended in August.
New home closings were 11 out of the 618 total closings, a move on a percentage basis from 13 of 503 a year earlier. After dropping in August from a year earlier, closings of new and existing homes grew year-over-year in September.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $184,230, down from last year's $200,575. This came after a 6.0% decline in August from a year earlier.
The average mortgage size moved to $152,566, down from last year's $174,997. Average mortgage size on new homes went from $200,143 in August 2014 to $196,379 in August 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,922 square feet a year earlier to 2,389 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 17.1% of existing home closings, down from 17.6% a year earlier. The percentage of existing home closings involving foreclosures went from 9.4% in September 2014 to 9.6% in September 2015 and REO closings moved from 8.2% of existing home closings in September 2014 to 7.6% in September 2015.