In September, closings of new homes in the Killeen, TX market jumped year-over-year, swinging upward off a drop in August 2015. Closings climbed 2.8% from a year earlier to 147. This followed a 20.1% decline year-over-year in August.
A total of 1,541 new homes were sold during the 12 months that ended in September, up from 1,537 for the year that ended in August.
Of the total number of closings, new home closings made up 20.6%. New home closings were 21.5% of overall closings last year. Closings of new and existing homes increased year-over-year in September following a fall in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.0% surge year-over-year to $201,924 per unit in September. This bump is smaller than the 12.1% gain in August year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. Average mortgage size increased 3.7% to $198,478 in September from a year earlier. In August 2015, average mortgage size increased 10.7% from a year earlier.
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 99.3% of new home closings to all of closings while attached units have gone from 0.7% of closings to no part of closings.
There was a 2.6% boost year-over-year in the average unit size of newly sold homes to 2,308 square feet in September 2015. An increase in both the average size and price of newly sold homes was also seen in August 2015 when the average size climbed 2.2% to 2,249 square feet. In August, the average size of new homes sold went from 2,200 square feet a year earlier to 2,249 square feet.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 30.5% of existing home closings, down from 34.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.0% in September from 19.7% a year earlier while REO closings as a percentage of existing home closings rose to 18.5% from 14.8%.