New home closings in the Victoria, TX market stayed the same year-over-year in August, staying flat after dropping year-over-year in July from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 4 in July 2014 to none in July 2015.
1 of the 182 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. For new and existing homes, closings declined in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $250,000 from $156,250 a year ago. This was on the heels of a.
The average mortgage size on new homes was $200,000, up from $125,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes rose from 1,438 square feet a year earlier to 2,339 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 7.2% of existing home closings, down from 8.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.8% in August from 4.7% a year earlier and REO closings moved from 3.6% of existing home closings in August 2014 to 4.4% in August 2015.