In November, there was a decline year-over-year in new home closings in the College Station, TX market, but the decline was less than the year-over-year decline in October. New home closings moved from 33 a year earlier to 11 after the figure moved from 43 in October 2014 to 13 in October 2015.
A total of 400 new homes were sold during the 12 months that ended in November, down from 422 for the year that ended in October.
Last year, 33 of 231 total closings were new homes, and this percentage saw a decline as new home closings this year made up 11 of the 192 total closings. Following a year-over-year increase in October, closings of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average price for new homes in November 2015 was $284,382, a shift from $282,600 last year. This came after a 35.1% surge in October year-over-year.
Average mortgage size on new homes fell from $241,184 to $227,506. Average mortgage size on new homes went from $238,145 in October 2014 to $311,134 in October 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,219 square feet a year earlier to 2,261 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 7.7% of closings, below 9.1% a year earlier. The percentage of existing home closings involving foreclosures went from 4.0% in November 2014 to 3.9% in November 2015 and REO closings as a percentage of existing home closings fell to 3.9% from 5.1% a year earlier.