New home closings in the Odessa, TX market grew year-over-year in April, but the increase was less than March 2016. New home closings moved from 20 a year earlier to 26 after the figure moved from 12 in March 2015 to 35 in March 2016.
A total of 257 new homes were sold during the 12 months that ended in April, up from 251 for the year that ended in March.
New home closings accounted for 13.2% of overall housing closings. This is a gain from 9.8% of closings a year earlier. After rising year-over-year in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $229,177 in April, up 7.2% from last year. This lift compares to a 6.7% decline in March from a year earlier.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. It gained to $216,159 in April, a 6.8% hike. Average mortgage size on new homes went from $213,767 in March 2015 to $206,971 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes sank 9.7% year-over-year to 1,890 square feet in April 2016.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 15.8% of existing home closings, up from 14.1% a year earlier. The percentage of existing home closings involving foreclosures went from 7.6% in April 2015 to 7.0% in April 2016 and REO closings as a percentage of existing home closings rose to 8.8% from 6.5%.