Closings of new homes in the Wichita Falls, TX market saw no change year-over-year in November, staying relatively stable after having decreased year-over-year in October. Closings remained level at six from a year earlier after the figure moved from five in October 2011 to four in October 2012.
A total of 52 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.
Six of the 212 total closings were new home closings, a shift on a percentage basis from six out of 203 a year earlier. Closings of new and existing homes increased year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average value of new homes sold in November 2012 declined to $155,311 from the year-earlier figure of $303,422. This came after a 67.0% boost in October year-over-year.
The average mortgage size moved to $133,786, down from last year's $263,879. Average mortgage size on new homes went from $212,649 in October 2011 to $349,040 in October 2012. The overall percentage of sale price that was being financed went from 87.0% of average price to 86.1% from a year earlier. In October 2012, the figure declined 1.5 percentage points from the 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 November 2012. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 34.0% of existing home closings. They made up 29.9% in November 2011. The percentage of existing home closings involving foreclosures went from 18.8% in November 2011 to 19.4% in November 2012 and REO closings as a percentage of existing home closings rose to 14.6% from 11.2%.
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