In the Sherman, TX market, closings of new homes grew year-over-year in January,. Closings stood at 16 in January after being 5 a year earlier and remaining unchanged at 16 in December from a year earlier.
A total of 154 new homes were sold during the 12 months that ended in January, up from 143 for the year that ended in December.
New home closings were 16 out of 248 total closings, making up 6.5%. This is up on a percentage basis from 5 of 220 a year earlier. For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $201,172, compared with $206,009 last year. This followed a 13.2% drop in December from a year earlier.
The average mortgage size moved to $172,871, down from last year's $196,314. In December 2015, average mortgage size slid 11.4% from a year earlier.
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 fell from 2,216 square feet a year earlier to 1,386 square feet.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 22.0% of existing home closings, up from 19.1% a year earlier. The percentage of existing home closings involving foreclosures went from 10.7% in January 2015 to 11.2% in January 2016 and REO closings as a percentage of existing home closings gained to 10.8% from 8.4%.