In the Amarillo, TX market, new home closings slid year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 34 a year earlier to 14 after the figure moved from 38 in June 2014 to 16 in June 2015.
A total of 289 new homes were sold during the 12 months that ended in July, down from 309 for the year that ended in June.
New home closings represented 14 out of the 567 total closings, which is a smaller percentage than the 34 of 507 total closings a year earlier. After dropping in June from a year earlier, closings of new and existing homes jumped year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $242,311, down from $249,755 a year earlier. This was on the heels of a 28.9% gain in June year-over-year.
The average mortgage size moved to $212,833, down from last year's $218,406. In June 2015, average mortgage size rose 25.2% from a year earlier.
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 2,262 square feet a year earlier to 2,001 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 13.2% of existing home closings, below 14.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.7% in July from 8.9% a year earlier while REO closings as a percentage of existing home closings climbed to 6.5% from 5.3%.