New home closings in the Victoria, TX market were unchanged year-over-year in August, staying relatively stable after having decreased year-over-year in July. Closings remained level at 1 from a year earlier after the figure moved from 4 in July 2014 to none in July 2015.
1 of the 182 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Closings of new and existing homes dropped year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $250,000 from last year's $156,250. This followed a.
Average mortgage size on new homes increased to $200,000 from $125,000 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes rose from 1,438 square feet a year earlier to 2,339 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 7.2% of closings, below 8.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.8% in August from 4.7% a year earlier and REO closings moved from 3.6% of existing home closings in August 2014 to 4.4% in August 2015.