In the Beaumont, TX market, new home closings slid year-over-year in March, falling after remaining level in February from the year earlier. Closings stood at 10 in March after being 15 a year earlier and remaining unchanged at 11 in February from a year earlier.
A total of 167 new homes were sold during the 12 months that ended in March, down from 172 for the year that ended in February.
New home closings were 10 out of the 571 total closings, a move on a percentage basis from 15 of 579 a year earlier. Following a year-over-year increase in February, closings of new and existing homes dropped year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $293,413, up from $259,124 a year earlier. This was on the heels of a 27.8% boost in February year-over-year.
Average mortgage size on new homes increased to $239,888 from $228,962 last year. Average mortgage size on new homes went from $174,469 in February 2015 to $225,014 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes rose from 2,493 square feet a year earlier to 2,946 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 19.4% of existing closings, lower than 21.6% a year earlier. The percentage of existing home closings involving foreclosures went from 9.8% in March 2015 to 10.7% in March 2016 and REO closings as a percentage of existing home closings fell to 8.7% from 11.9% a year earlier.