In the Odessa, TX market, new home closings fell year-over-year in December, but the percentage decline narrowed from that of November 2015, suggesting that the market may be leveling out. New home closings saw a fall of 6.1% from the year earlier to 31. This was after the housing market saw a 15.2% decline year-over-year in November.
A total of 188 new homes were sold during the 12 months that ended in December, down from 190 for the year that ended in November.
Of 146 total closings, 31 were of new homes. This is better than the 16.3% of closings a year earlier. For new and existing homes, closings dropped in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 3.5% hike year-over-year as it grew to $244,140 per unit. This gain compares to a 6.0% drop in November from a year earlier.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. In December 2015, the average mortgage size was $226,806, up 6.4% from a year earlier. It went from $211,158 to $210,278 from November 2014 to November 2015.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes gained from 87.9% in December 2014 to all of closings in December 2015. Conversely, the share of new home closings belonging to attached units declined to no part of closings from 12.1% of closings.
The average unit size of newly sold homes sank 3.2% year-over-year to 1,902 square feet in December 2015. The average size of newly sold homes moved from 2,177 square feet in November 2014 to 2,216 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 10.4% of existing closings, lower than 16.5% a year earlier. The percentage of existing home closings involving foreclosures went from 8.8% in December 2014 to 8.7% in December 2015 and REO closings as a percentage of existing home closings sank to 1.7% from 7.6% a year earlier.