The Abilene, TX market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 16 a year earlier to 5 after the figure moved from 14 in June 2014 to 11 in June 2015.
A total of 150 new homes were sold during the 12 months that ended in July, down from 161 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 1.6% from 4.9% a year earlier. Following a year-over-year increase in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $247,687, compared with $294,499 last year. This followed a 5.7% drop in June from a year earlier.
The average mortgage size went down to $232,721 from $275,443 a year earlier. Average mortgage size on new homes went from $218,502 in June 2014 to $209,837 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes fell from 2,331 square feet a year earlier to 2,215 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 14.1% of existing home closings, up from 7.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.4% in July from 4.2% a year earlier while REO closings as a percentage of existing home closings climbed to 7.7% from 2.9%.