In the El Paso, TX market in May, closings of new homes fell year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 170 a year earlier to 11 after the figure moved from 190 in April 2015 to 21 in April 2016.
A total of 755 new homes were sold during the 12 months that ended in May, down from 914 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 2.4% from 17.3% a year earlier. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $143,913, down from last year's $185,579. This was on the heels of a move from $176,321 per unit to $174,777 from April 2015 to April 2016.
The average mortgage size went down to $140,172 from $171,583 a year earlier. Average mortgage size went from $166,653 in April 2015 to $168,015 in April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,924 square feet a year earlier to 1,614 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 23.9% of existing home closings, down from 26.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.0% in May from 12.5% a year earlier and REO closings moved from 13.5% of existing home closings in May 2015 to 13.9% in May 2016.