In the College Station, TX market in February, closings of new homes dropped year-over-year, but the decline was less than the year-over-year decline in January. New home closings moved from 41 a year earlier to 26 after the figure moved from 37 in January 2015 to 14 in January 2016.
A total of 334 new homes were sold during the 12 months that ended in February, down from 349 for the year that ended in January.
Out of all housing closings, new home closings made up 9.1%. This is a fall 14.4% of closings a year earlier. After falling in January from a year earlier, closings of new and existing homes stayed steady in February.
Pricing and Mortgage Trends
For newly sold homes, the average price remained steady year-over-year at $267,109 per unit. This comes after a 2.2% lift in January year-over-year.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. Average mortgage size gained 2.1% to $228,385 in February from a year earlier. Average mortgage size on new homes went from $229,357 in January 2015 to $226,429 in January 2016.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units climbed from 7.3% of closings in February 2015 to 11.5% of closings in February 2016. Meanwhile, single-family home closings as a percentage of all new home closings sank to 88.5% of closings from 92.7% of closings.
There was a 6.8% lift year-over-year in the average unit size of newly sold homes to 2,216 square feet in February 2016. In January, the average size of new homes sold went from 2,006 square feet a year earlier to 3,281 square feet.
Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 6.9% of existing home closings, above 6.6% a year earlier. The percentage of existing home closings involving foreclosures went from 3.7% in February 2015 to 4.6% in February 2016 and REO closings moved from 2.9% of existing home closings in February 2015 to 2.3% in February 2016.