In January, the El Paso, TX market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the December 2015. New home closings moved from 138 a year earlier to 11 after the figure moved from 246 in December 2014 to 41 in December 2015.
A total of 1,413 new homes were sold during the 12 months that ended in January, down from 1,540 for the year that ended in December.
Last year, 138 of 749 total closings were new homes, and this percentage saw a decline as new home closings this year made up 11 of the 433 total closings. For new and existing homes, closings dropped in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $174,847, down from last year's $187,355. This came after a move from $201,530 per unit to $202,308 from December 2014 to December 2015.
Average mortgage size on newly sold homes saw a decline year-over-year from $171,655 to $158,467. Average mortgage size went from $185,965 in December 2014 to $187,333 in December 2015.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold.
The average unit size of newly sold homes fell from 1,817 square feet a year earlier to 1,773 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings made up 37.0% of existing home closings, above 35.8% a year earlier. The percentage of existing home closings involving foreclosures went from 20.1% in January 2015 to 19.2% in January 2016 and REO closings as a percentage of existing home closings climbed to 17.8% from 15.7%.