In the Sherman, TX market, new home closings dropped year-over-year in September, sliding after a growth in August 2015. New home closings moved from 15 a year earlier to 8 after the figure moved from 12 in August 2014 to 13 in August 2015.
A total of 151 new homes were sold during the 12 months that ended in September, down from 158 for the year that ended in August.
Last year, 15 of 260 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 359 total closings. Closings of new and existing homes increased year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $284,366, an increase from $208,183 a year earlier. This was on the heels of a 23.1% rise in August year-over-year.
Average mortgage size on new homes increased to $234,442 from $189,934 last year. Average mortgage size on new homes went from $197,800 in August 2014 to $220,493 in August 2015.
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.
The average unit size of newly sold homes fell from 2,176 square feet a year earlier to 1,552 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. Foreclosures and REO closings, taken together, accounted for 11.7% of existing closings, lower than 24.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.0% in September from 10.6% a year earlier while REO closings as a percentage of existing home closings sank to 5.7% from 13.9% a year earlier.