New home closings in the Beaumont, TX market fell year-over-year in November, a decline following a rise in October 2015. New home closings moved from 14 a year earlier to 3 after the figure moved from 12 in October 2014 to 36 in October 2015.

A total of 177 new homes were sold during the 12 months that ended in November, down from 188 for the year that ended in October.

New home closings were 3.0% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 3 of the 466 total closings. Closings of new and existing homes stayed level after increasing in October year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $165,131, compared with $269,432 last year. This followed a 69.2% drop in October from a year earlier.

Average mortgage size on newly sold homes saw a decline year-over-year from $220,056 to $156,764. Average mortgage size on new homes went from $187,608 in October 2014 to $58,537 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 fell from 2,422 square feet a year earlier to 1,266 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 17.5% of closings, below 19.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.0% in November from 9.4% a year earlier while REO closings as a percentage of existing home closings slid to 6.5% from 9.6% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Beaumont, TX area.