Closings of new homes slid year-over-year in November in the Odessa, TX market, but there were suggestions that the market may be evening out with a percentage fall less steep than in October 2015. Closings fell 15.2% from a year earlier to 28. This was after the housing market saw a 20.0% drop year-over-year in October.
A total of 190 new homes were sold during the 12 months that ended in November, down from 195 for the year that ended in October.
Out of all housing closings, new home closings made up 17.9%. This is down from the a year earlier when new home closings accounted for 19.1% of total closings. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
In November, the average per-unit price of new homes fell by 6.0% year-over-year to $228,739. This fall is a drop off from the 18.1% drop in October from a year earlier.
In November 2015, average mortgage size on newly sold homes moved from $211,158 to $210,278 from November 2014. In October 2015, average mortgage size on newly sold homes saw a 14.2% decline 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 jumped from 81.8% in November 2014 to all of closings in November 2015. At the same time, the share of new home closings belonging to attached units dropped to no part of closings from 18.2% of closings.
There was a 1.8% gain year-over-year in the average unit size of newly sold homes to 2,216 square feet in November 2015. The average size of newly sold homes moved from 2,097 square feet in October 2014 to 1,786 square feet in October 2015.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 20.3% of existing home closings, up from 12.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.8% in November from 9.3% a year earlier while REO closings as a percentage of existing home closings increased to 5.5% from 3.6%.