Closings of new homes in the Abilene, TX market dropped year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 19 a year earlier to none after the figure moved from 19 in November 2014 to 1 in November 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 7.3% a year earlier. After falling in November from a year earlier, closings of new and existing homes stayed steady in December.
Other Market Trends
There were no new home closings in December 2015, but average size of newly sold homes was 1,997 a year earlier.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 17.0% of existing home closings, higher than 14.9% a year earlier. The percentage of existing home closings involving foreclosures went from 8.7% in December 2014 to 9.3% in December 2015 and REO closings as a percentage of existing home closings increased to 7.7% from 6.2%.