Closings of new homes sank year-over-year in August in the Beaumont, TX market, and the decline was by a larger percentage than the July 2015. New home closings moved from 20 a year earlier to 11 after the figure moved from 18 in July 2014 to 16 in July 2015.
A total of 149 new homes were sold during the 12 months that ended in August, down from 158 for the year that ended in July.
New home closings were 3.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 11 of the 452 total closings. Following a year-over-year increase in July, closings of new and existing homes slid year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $204,169, down from last year's $228,132. This was on the heels of a 10.6% gain in July year-over-year.
The average mortgage size went down to $188,469 from $200,143 a year earlier. In July 2015, average mortgage size climbed 11.9% from a year earlier.
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 1,929 square feet a year earlier to 2,009 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 16.3% of existing home closings, down from 18.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.5% in August from 8.9% a year earlier while REO closings as a percentage of existing home closings sank to 8.8% from 10.0% a year earlier.