Closings of new homes fell year-over-year in June in the Victoria, TX market, but the decline was less than the year-over-year decline in May. New home closings moved from 8 a year earlier to 1 after the figure moved from 5 in May 2015 to none in May 2016.
New home closings represented 1 out of the 171 total closings, which is a smaller percentage than the 8 of 165 total closings a year earlier. Closings of new and existing homes climbed year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $345,000, an increase from $252,032 a year earlier. This followed a.
Average mortgage size on new homes increased to $276,000 from $218,611 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 June 2016.
The average unit size of newly sold homes rose from 1,920 square feet a year earlier to 2,824 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 11.8% of existing home closings, up from 4.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.9% in June from 1.9% a year earlier while REO closings as a percentage of existing home closings jumped to 5.9% from 2.5%.