In July, the Lubbock, TX market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in June. New home closings moved from 31 a year earlier to 24 after the figure moved from 24 in June 2015 to 12 in June 2016.
A total of 194 new homes were sold during the 12 months that ended in July, down from 201 for the year that ended in June.
Of the total number of closings, new home closings made up 3.8%. A year ago, 3.2% of total closings were new home closings. Following a year-over-year rise in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
In July, the average per-unit price of new homes fell by 30.1% year-over-year to $212,153. This decline compares to a 12.3% boost in June year-over-year.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. In July 2016, the average mortgage size on newly sold homes saw a 27.8% drop from a year earlier. Average mortgage size on new homes went from $190,438 in June 2015 to $211,266 in June 2016.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have dipped. Attached unit closings increased from no part of all closings in July 2015 to 4.2% of closings in July 2016. At the same time, the share belonging to single-family homes fell to 95.8% of closings from all of closings.
There was a 8.0% drop year-over-year in the average unit size of newly sold homes to 2,559 square feet in July 2016. The average size of newly sold homes moved from 1,912 square feet in June 2015 to 2,424 square feet in June 2016.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 8.4% of existing home closings, above 6.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.0% in July from 3.4% a year earlier and REO closings moved from 3.3% of existing home closings in July 2015 to 3.5% in July 2016.