In August, the Amarillo, TX market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the July 2015. New home closings moved from 43 a year earlier to 5 after the figure moved from 38 in July 2014 to 15 in July 2015.
A total of 282 new homes were sold during the 12 months that ended in August, down from 320 for the year that ended in July.
New home closings were 8.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 5 of the 391 total closings. After rising year-over-year in July, closings of new and existing homes dropped year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $229,549 last year to $378,833. This came after a move from $238,897 per unit in July 2014 to $238,387 in July 2015.
The average mortgage size on new homes was $324,700, up from $200,447. In July 2015, average mortgage size on newly sold homes saw a 1.1% fall from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,129 square feet a year earlier to 2,878 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 14.8% of existing closings, lower than 18.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.5% in August from 13.4% a year earlier while REO closings as a percentage of existing home closings increased to 6.2% from 4.7%.