The Killeen, TX market saw an increase in closings of new homes in November year-over-year, on an upswing after a fall in October 2015. This year's new home closings increased from last year by 6.7%, reaching 112. The came on the heels of a move from 108 in October 2014 to 105 in October 2015.
A total of 1,545 new homes were sold during the 12 months that ended in November, up from 1,538 for the year that ended in October.
New home closings made up 18.7% of overall housing closings. They made up 18.8% of closings a year earlier. Following a decline in October year-over-year, closings of new and existing homes increased year-over-year in November.
Pricing and Mortgage Trends
In November, the average price of newly sold homes declined 1.5% year-over-year to $194,053 per unit. This decline compares to a 13.7% boost in October year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year in contrast to new home prices. In November 2015, the average mortgage size was $193,966, up 1.7% from a year earlier. In October 2015, average mortgage size on newly sold homes saw a 12.5% surge year-over-year from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 99.0% of new home closings to all of closings while attached units have gone from 1.0% of closings to no part of closings.
The average unit size of newly sold homes gained 20.6% year-over-year to 2,513 square feet in November 2015. In October, the average size of new homes sold went from 2,174 square feet a year earlier to 2,064 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 33.0% of existing home closings, down from 33.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.9% in November from 19.8% a year earlier while REO closings as a percentage of existing home closings jumped to 19.1% from 14.1%.