In February, closings of new homes gained year-over-year in the Odessa, TX market, and the increase was greater than January 2016. New home closings moved from 6 a year earlier to 30 after the figure moved from 17 in January 2015 to 31 in January 2016.

A total of 228 new homes were sold during the 12 months that ended in February, up from 204 for the year that ended in January.

New home closings were 30 of the 164 total closings, up on a percentage basis from 6 of 144 a year earlier. For new and existing homes, closings jumped year-over-year in February after also increasing in January year-over-year.

Pricing and Mortgage Trends

The average value of newly sold homes in February 2016 was $253,770, down from last year's $261,345. This came after a 9.8% gain in January year-over-year.

From the year-ago figure of $230,385, the average mortgage size on new homes moved up to $233,474. In January 2016, average mortgage size on newly sold homes saw a 12.1% rise year-over-year from a year earlier.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 20.1% of existing home closings, higher than 18.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.9% in February from 10.9% a year earlier and REO closings moved from 7.2% of existing home closings in February 2015 to 8.2% in February 2016.

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