In January, the Victoria, TX market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the December 2015. New home closings moved from 4 a year earlier to 1 after the figure moved from 11 in December 2014 to 4 in December 2015.
A total of 66 new homes were sold during the 12 months that ended in January, down from 69 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 2.8% a year earlier. Following a year-over-year decline in December, closings of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $214,396 from $175,365 a year ago. This followed a 58.6% lift in December year-over-year.
The average mortgage size went down to $171,517 from $183,164 a year earlier. Average mortgage size on new homes went from $147,969 in December 2014 to $256,851 in December 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 January 2016.
Foreclosures and real estate owned (REO) closings increased in January from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 13.0% of existing home closings, higher than 11.3% a year earlier. The percentage of existing home closings involving foreclosures went from 7.1% in January 2015 to 7.8% in January 2016 and REO closings moved from 4.3% of existing home closings in January 2015 to 5.2% in January 2016.