In November, the Victoria, TX market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 7 a year earlier to 3 after the figure moved from 9 in October 2014 to 4 in October 2015.
A total of 76 new homes were sold during the 12 months that ended in November, down from 80 for the year that ended in October.
Last year, 7 of 135 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 123 total closings. Closings of new and existing homes saw a fall year-over-year in November after remaining steady in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $260,008 last year to $320,816. This followed a 15.2% surge in October year-over-year.
From the year-ago figure of $214,617, the average mortgage size on new homes moved up to $323,255. Average mortgage size on new homes went from $192,469 in October 2014 to $223,460 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 drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 15.0% of existing closings, lower than 19.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.5% in November from 10.2% a year earlier while REO closings as a percentage of existing home closings fell to 7.5% from 9.4% a year earlier.