The Victoria, TX market saw a drop in new home closings year-over-year in October, but the decline was less than the year-over-year decline in September. New home closings moved from 9 a year earlier to 4 after the figure moved from 10 in September 2014 to 1 in September 2015.
A total of 80 new homes were sold during the 12 months that ended in October, down from 85 for the year that ended in September.
New home closings were 5.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 4 of the 163 total closings. After a fall in September year-over-year, new and existing home closings stayed level in October.
Pricing and Mortgage Trends
The average new home value went from $225,841 last year to $260,277. This followed a 24.3% gain in September year-over-year.
Average mortgage size on new homes went from $192,469 a year earlier to $223,460. Average mortgage size on new homes went from $192,084 in September 2014 to $270,019 in September 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 October 2015.
The average unit size of newly sold homes rose from 1,866 square feet a year earlier to 2,537 square feet.
Foreclosures and real estate owned (REO) closings rose in October from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 11.9% of existing home closings, above 10.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.3% in October from 7.8% a year earlier while REO closings as a percentage of existing home closings grew to 5.7% from 2.6%.