In November, the Sherman, TX market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 9 a year earlier to 3 after the figure moved from 11 in October 2014 to 10 in October 2015.
A total of 143 new homes were sold during the 12 months that ended in November, down from 149 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 1.4% from 3.7% a year earlier. Following a year-over-year increase in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
The average new home value went from $220,238 last year to $252,645. This was on the heels of a 39.6% bump in October year-over-year.
Average mortgage size on new homes increased to $244,789 from $196,359 last year. Average mortgage size on new homes went from $152,676 in October 2014 to $205,272 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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 16.4% of existing home closings, below 28.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.2% in November from 21.3% a year earlier while REO closings as a percentage of existing home closings stayed level at 7.2%.