New home closings declined year-over-year in November in the College Station, TX market, but the decline was less than the year-over-year decline in October. New home closings moved from 33 a year earlier to 11 after the figure moved from 43 in October 2014 to 13 in October 2015.
A total of 400 new homes were sold during the 12 months that ended in November, down from 422 for the year that ended in October.
New home closings were 14.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 11 of the 192 total closings. Following a year-over-year rise in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average price for new homes in November 2015 was $284,382, a shift from $282,600 last year. This came after a 35.1% hike in October year-over-year.
The average mortgage size went down to $227,506 from $241,184 a year earlier. Average mortgage size on new homes went from $238,145 in October 2014 to $311,134 in October 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,219 square feet a year earlier to 2,261 square feet.
Foreclosures and real estate owned (REO) closings continued to drop 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 7.7% of closings, below 9.1% a year earlier. The percentage of existing home closings involving foreclosures went from 4.0% in November 2014 to 3.9% in November 2015 and REO closings as a percentage of existing home closings fell to 3.9% from 5.1% a year earlier.