New home closings slid year-over-year in December in the Waco, TX market, but with a percentage drop less steep than November 2015, there are hints the market may be leveling out. Closings sank 21.2% from a year earlier to 26. In comparison, new home closings in the same month last year saw a 54.3% decline year-over-year in November.
A total of 308 new homes were sold during the 12 months that ended in December, down from 315 for the year that ended in November.
New home closings represented 6.2% of overall housing closings. This is down from the 8.2% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 13.0% decline year-over-year in December to $187,772 per unit. This fall compares to a 17.1% surge in November year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In December 2015, average mortgage size slid 9.6% from a year earlier to $167,860. In November 2015, average mortgage size on newly sold homes saw a 22.4% rise year-over-year 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 December 2015. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
There was a 1.5% fall year-over-year in the average unit size of newly sold homes to 2,117 square feet in December 2015. The average size of newly sold homes moved from 1,974 square feet in November 2014 to 2,406 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.8% of closings, below 18.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.1% in December from 9.2% a year earlier and REO closings moved from 9.5% of existing home closings in December 2014 to 9.7% in December 2015.