Closings of new homes in the Beaumont, TX market saw no change year-over-year in February, staying level after a year-over-year decline in January from the year earlier. Closings remained level at 11 from a year earlier after the figure moved from 13 in January 2015 to 8 in January 2016.
A total of 173 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Out of the 478 total closings, 11 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year rise in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $265,608, an increase from $207,838 a year earlier. This was on the heels of a 1.1% drop in January from a year earlier.
The average mortgage size on new homes was $225,014, up from $174,469. Average mortgage size on new homes went from $195,995 in January 2015 to $193,154 in January 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 February 2016.
The average unit size of newly sold homes rose from 2,010 square feet a year earlier to 2,495 square feet.
Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 21.6% of existing home closings, higher than 20.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.9% in February from 8.4% a year earlier while REO closings as a percentage of existing home closings fell to 10.7% from 12.3% a year earlier.