Closings of new homes sank year-over-year in September in the Amarillo, TX market, but the decline was less than the year-over-year decline in August. New home closings moved from 21 a year earlier to 10 after the figure moved from 43 in August 2014 to 11 in August 2015.
A total of 278 new homes were sold during the 12 months that ended in September, down from 289 for the year that ended in August.
New home closings represented 10 out of the 516 total closings, which is a smaller percentage than the 21 of 436 total closings a year earlier. After dropping in August from a year earlier, closings of new and existing homes grew year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $261,668, up from $238,782 a year earlier. This followed a 41.5% hike in August year-over-year.
The average mortgage size on new homes was $233,502, up from $198,998. Average mortgage size on new homes went from $200,447 in August 2014 to $283,736 in August 2015.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold.
The average unit size of newly sold homes rose from 2,072 square feet a year earlier to 2,125 square feet.
Foreclosures and real estate owned (REO) closings continued to decline 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 represented 15.4% of closings, below 16.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.5% in September from 8.2% a year earlier and REO closings moved from 8.0% of existing home closings in September 2014 to 8.9% in September 2015.