The Tyler, TX market saw a drop in new home closings year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 9 a year earlier to 1 after the figure moved from 20 in October 2014 to 5 in October 2015.
A total of 100 new homes were sold during the 12 months that ended in November, down from 108 for the year that ended in October.
Last year, 9 of 259 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 255 total closings. For new and existing homes, closings dropped in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $108,750, compared with $246,544 last year. This came after a 11.3% decline in October from a year earlier.
The average mortgage size went down to $87,000 from $223,852 a year earlier. Average mortgage size on new homes went from $170,960 in October 2014 to $147,307 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes fell from 2,007 square feet a year earlier to 1,563 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 10.6% of existing home closings, down from 19.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.3% in November from 10.0% a year earlier while REO closings as a percentage of existing home closings fell to 2.4% from 9.6% a year earlier.