Closings of new homes in the El Paso, TX market slid year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 183 a year earlier to 1 after the figure moved from 156 in June 2015 to 19 in June 2016.

A total of 438 new homes were sold during the 12 months that ended in July, down from 620 for the year that ended in June.

New home closings were 1 out of the 26 total closings, down on a percentage basis from 183 of 974 a year earlier. For new and existing homes, closings slid in July after also declining in June year-over-year.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 1,904 square feet a year earlier to 3,093 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. Together, foreclosures plus REO closings made up 16.0% of existing home closings, down from 25.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.0% in July from 13.3% a year earlier while REO closings as a percentage of existing home closings dropped to 4.0% from 12.1% a year earlier.

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