New home closings in the El Paso, TX market dropped year-over-year in November, and the percentage fall, which was steeper than October 2015, gave signs that the market may be worsening. New home closings saw a 87.0% decline from a year earlier to 24. This was after the housing market saw a 71.3% drop year-over-year in October.
A total of 1,718 new homes were sold during the 12 months that ended in November, down from 1,878 for the year that ended in October.
New home closings made up 4.3% of overall housing closings. This is a decline 23.2% of closings a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes grew year-over-year to $220,121 per unit, a 20.8% gain. This lift is better than the 2.3% boost in October year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. It rose 20.7% in November from a year earlier to $202,463. Average mortgage size jumped 2.3% in October 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes increased from 98.9% in November 2014 to all of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings fell to no part of closings from 1.1% of closings.
The average unit size of newly sold homes jumped 2.1% year-over-year to 1,831 square feet in November 2015. The average size of newly sold homes moved from 1,811 square feet in October 2014 to 1,786 square feet in October 2015.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 28.4% of existing closings, lower than 34.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.7% in November from 19.1% a year earlier and REO closings moved from 15.3% of existing home closings in November 2014 to 14.7% in November 2015.