New home closings in the Sherman, TX market gained year-over-year in July, but the increase was less than June 2015. New home closings moved from 9 a year earlier to 11 after the figure moved from 12 in June 2014 to 20 in June 2015.
A total of 142 new homes were sold during the 12 months that ended in July, up from 140 for the year that ended in June.
11 of the 304 total closings were new home closings, a shift on a percentage basis from 9 out of 241 a year earlier. Following a fall in June year-over-year, closings of new and existing homes grew year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $229,988, up from $200,548 a year earlier. This came after a 6.2% drop in June from a year earlier.
From the year-ago figure of $184,621, the average mortgage size on new homes moved up to $198,914. Average mortgage size went from $175,642 in June 2014 to $174,932 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 2,727 square feet a year earlier to 1,752 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 14.0% of closings, below 20.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.8% in July from 8.2% a year earlier while REO closings as a percentage of existing home closings sank to 8.2% from 12.5% a year earlier.