The Waco, TX market saw an increase in closings of new homes in September year-over-year, and the percentage surge was better than August 2015, suggesting the market may be strengthening. Closings climbed 36.4% from a year earlier to 30. This came on the heels of a 31.8% jump year-over-year in August.
A total of 335 new homes were sold during the 12 months that ended in September, up from 327 for the year that ended in August.
Out of all housing closings, new home closings made up 7.1%. This marks a rise from 5.5% of total closings a year earlier. Following a fall in August year-over-year, closings of new and existing homes climbed year-over-year in September.
Pricing and Mortgage Trends
The average value for new homes sold in September 2015 was $176,562, a move from $177,411 a year earlier. This followed a 3.8% rise in August year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year in contrast to new home prices. It gained to $160,467 in September, a 1.2% bump. In August 2015, average mortgage size rose 5.0% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size jumped 10.2% year-over-year to 2,101 square feet in September 2015. The average size of newly sold homes moved from 1,877 square feet in August 2014 to 2,140 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 19.8% of closings, below 21.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 12.2% in September from 13.7% a year earlier and REO closings moved from 7.4% of existing home closings in September 2014 to 7.6% in September 2015.