In October, the Victoria, TX market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in September. New home closings moved from 9 a year earlier to 4 after the figure moved from 10 in September 2014 to 1 in September 2015.
A total of 80 new homes were sold during the 12 months that ended in October, down from 85 for the year that ended in September.
Last year, 9 of 162 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 163 total closings. Closings of new and existing homes remained steady in October after falling in September year-over-year.
Pricing and Mortgage Trends
The average new home price was $260,277, up from $225,841 a year earlier. This was on the heels of a 24.3% gain in September year-over-year.
Average mortgage size on new homes went from $192,469 a year earlier to $223,460. Average mortgage size on new homes went from $192,084 in September 2014 to $270,019 in September 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 October 2015.
The average unit size of newly sold homes rose from 1,866 square feet a year earlier to 2,537 square feet.
Foreclosures and real estate owned (REO) closings rose in October from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 11.9% of existing home closings, up from 10.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.3% in October from 7.8% a year earlier while REO closings as a percentage of existing home closings jumped to 5.7% from 2.6%.