New home closings fell year-over-year in November in the Midland, TX market, and the decline was by a larger percentage than the October 2015. New home closings moved from 66 a year earlier to 4 after the figure moved from 69 in October 2014 to 10 in October 2015.
A total of 376 new homes were sold during the 12 months that ended in November, down from 438 for the year that ended in October.
New home closings were 4 out of the 183 total closings, down on a percentage basis from 66 of 334 a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $350,978, up from $297,761 a year earlier. This followed a 11.3% lift in October year-over-year.
Average mortgage size on new homes rose from $254,117 to $320,203. Average mortgage size on new homes went from $292,976 in October 2014 to $315,586 in October 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 November 2015.
The average unit size of newly sold homes rose from 2,310 square feet a year earlier to 3,127 square feet.
Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 11.7% of existing home closings, up from 6.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.9% in November from 2.2% a year earlier while REO closings as a percentage of existing home closings declined to 2.8% from 4.1% a year earlier.