In December, there was a decline year-over-year in new home closings in the Tyler, TX market, and the decline was by a larger percentage than the November 2015. New home closings moved from 14 a year earlier to 3 after the figure moved from 9 in November 2014 to 2 in November 2015.
A total of 103 new homes were sold during the 12 months that ended in December, down from 114 for the year that ended in November.
New home closings were 3 out of the 309 total closings, down on a percentage basis from 14 of 306 a year earlier. After declining in November from a year earlier, closings of new and existing homes remained level in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $149,383, down from last year's $215,065. This was on the heels of a 33.5% fall in November from a year earlier.
There was a decline in average mortgage size on new homes, going from $180,389 last year to $119,507 in December 2015. Average mortgage size on new homes went from $223,852 in November 2014 to $151,999 in November 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 December 2015.
The average unit size of newly sold homes rose from 1,901 square feet a year earlier to 1,960 square feet.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 15.0% of existing home closings, above 11.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.2% in December from 7.5% a year earlier while REO closings as a percentage of existing home closings gained to 9.8% from 3.4%.