New home closings in the Sherman, TX market rose year-over-year in August, but the increase was less than July 2015. New home closings moved from 12 a year earlier to 13 after the figure moved from 10 in July 2014 to 11 in July 2015.
A total of 150 new homes were sold during the 12 months that ended in August, up from 149 for the year that ended in July.
New home closings were 13 out of the 309 total closings, a move on a percentage basis from 12 of 271 a year earlier. Closings of new and existing homes climbed year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $270,115 from $219,342 a year ago. This followed a 14.7% surge in July year-over-year.
Average mortgage size on new homes went from $197,800 a year earlier to $220,493. Average mortgage size on new homes went from $184,621 in July 2014 to $198,914 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 12.2% of existing home closings, below 24.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.1% in August from 9.3% a year earlier while REO closings as a percentage of existing home closings dropped to 8.1% from 15.4% a year earlier.