In the College Station, TX market in January, new home closings declined year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 37 a year earlier to 14 after the figure moved from 47 in December 2014 to 18 in December 2015.
A total of 349 new homes were sold during the 12 months that ended in January, down from 372 for the year that ended in December.
Last year, 37 of 353 total closings were new homes, and this percentage saw a decline as new home closings this year made up 14 of the 221 total closings. For new and existing homes, closings slid in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $277,844 from $271,806 a year ago. This was on the heels of a 5.9% boost in December year-over-year.
The average mortgage size went down to $226,429 from $229,357 a year earlier. In December 2015, average mortgage size jumped 4.3% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,006 square feet a year earlier to 3,281 square feet.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 10.6% of existing home closings, higher than 4.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.8% in January from 3.2% a year earlier while REO closings as a percentage of existing home closings rose to 3.9% from 1.6%.