New home closings in the Longview, TX market fell year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 7 a year earlier to 3 after the figure moved from 6 in November 2014 to none in November 2015.
On a percentage basis, new home closings as a part of total closings decreased to 1.3% from 2.7% a year earlier. Following a year-over-year increase in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $267,944, compared with $283,615 last year. This came after a.
Average mortgage size on newly sold homes saw a decline year-over-year from $239,359 to $214,355.
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 2,046 square feet a year earlier to 2,274 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.5% of closings, below 16.1% a year earlier. The percentage of existing home closings involving foreclosures went from 9.3% in December 2014 to 9.9% in December 2015 and REO closings as a percentage of existing home closings slid to 5.6% from 6.9% a year earlier.