Closings of new homes in the Wichita Falls, TX market sank year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 4 a year earlier to 2 after the figure moved from 3 in November 2014 to 1 in November 2015.
A total of 36 new homes were sold during the 12 months that ended in December, down from 38 for the year that ended in November.
New home closings represented 2 out of the 243 total closings, which is a smaller percentage than the 4 of 204 total closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also rose year-over-year in December.
Pricing and Mortgage Trends
The average new home value went from $160,968 last year to $216,994. This followed a 4.2% boost in November year-over-year.
Average mortgage size on new homes increased to $221,422 from $129,900 last year. Average mortgage size on new homes went from $211,305 in November 2014 to $280,912 in November 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 December 2015.
The average unit size of newly sold homes rose from 1,744 square feet a year earlier to 1,819 square feet.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 23.7% of existing home closings, above 18.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.4% in December from 12.0% a year earlier while REO closings as a percentage of existing home closings jumped to 13.3% from 6.0%.