New home closings gained year-over-year in June in the Odessa, TX market, but the increase was less than May 2016. New home closings moved from 8 a year earlier to 15 after the figure moved from 7 in May 2015 to 26 in May 2016.
A total of 283 new homes were sold during the 12 months that ended in June, up from 276 for the year that ended in May.
New home closings were 15 out of 165 total closings, making up 9.1%. This is up on a percentage basis from 8 of 190 a year earlier. Following a year-over-year rise in May, closings of new and existing homes fell year-over-year in June.
Pricing and Mortgage Trends
The average new home value went from $208,387 last year to $252,256. This was on the heels of a 11.0% drop in May from a year earlier.
From the year-ago figure of $202,116, the average mortgage size on new homes moved up to $224,155. Average mortgage size on new homes went from $216,416 in May 2015 to $198,822 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 14.0% of existing home closings, down from 16.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.0% in June from 9.9% a year earlier and REO closings moved from 6.6% of existing home closings in June 2015 to 6.0% in June 2016.