In the College Station, TX market in July, closings of new homes sank year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 51 a year earlier to none after the figure moved from 27 in June 2015 to 1 in June 2016.
New home closings were none out of the 19 total closings, down on a percentage basis from 51 of 466 a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Other Market Trends
There were no new home closings in July 2016, but average size of newly sold homes was 2,294 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for no part of existing home closings, below 5.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to no part in July from 3.1% a year earlier while REO closings as a percentage of existing home closings declined to no part from 1.9% a year earlier.