In the Beaumont, TX market, closings of new homes sank year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 19 a year earlier to 6 after the figure moved from 18 in June 2015 to 7 in June 2016.
A total of 140 new homes were sold during the 12 months that ended in July, down from 153 for the year that ended in June.
New home closings were 6 out of the 387 total closings, down on a percentage basis from 19 of 680 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also sank year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $261,123 last year to $274,159. This came after a 38.1% rise in June year-over-year.
The average mortgage size went down to $219,327 from $222,075 a year earlier. Average mortgage size on new homes went from $209,154 in June 2015 to $278,938 in June 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 July 2016.
The average unit size of newly sold homes fell from 2,286 square feet a year earlier to 1,856 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 17.8% of existing home closings, below 18.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.4% in July from 7.7% a year earlier while REO closings as a percentage of existing home closings sank to 8.4% from 10.3% a year earlier.