In the College Station, TX market in December, new home closings fell year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 47 a year earlier to 18 after the figure moved from 33 in November 2014 to 11 in November 2015.
A total of 371 new homes were sold during the 12 months that ended in December, down from 400 for the year that ended in November.
New home closings made up 6.6% of overall housing closings. This is down from the a year earlier when new home closings made up 15.6% of total closings. Closings of new and existing homes slid year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes gained year-over-year 5.9% in December to $289,107 per unit. This surge follows a move from $282,600 per unit in November 2014 to $284,382 in November 2015.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In December 2015, the average mortgage size was $242,410, a 4.3% gain from a year earlier. Average mortgage size on new homes went from $241,184 in November 2014 to $227,506 in November 2015.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 93.6% of new home closings to 94.4% of closings while attached units have gone from 6.4% of closings to 5.6% of closings.
The average unit size of newly sold homes rose 1.3% year-over-year to 2,169 square feet in December 2015. The average size of newly sold homes moved from 2,219 square feet in November 2014 to 2,261 square feet in November 2015.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 10.3% of existing home closings, higher than 8.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.7% in December from 2.4% a year earlier while REO closings as a percentage of existing home closings slid to 3.6% from 5.9% a year earlier.