New home closings in the Longview, TX market fell year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 7 a year earlier to 1 after the figure moved from 7 in August 2014 to 2 in August 2015.

New home closings represented 1 out of the 265 total closings, which is a smaller percentage than the 7 of 238 total closings a year earlier. Closings of new and existing homes jumped year-over-year in September after also rising in August year-over-year.

Pricing and Mortgage Trends

The average new home price was $347,625, up from $289,040 a year earlier. This followed a 24.0% fall in August from a year earlier.

From the year-ago figure of $240,792, the average mortgage size on new homes moved up to $278,100. Average mortgage size on new homes went from $248,387 in August 2014 to $178,200 in August 2015.

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 2,342 square feet a year earlier to 2,500 square feet.

Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.9% of existing home closings, up from 13.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.5% in September from 5.2% a year earlier while REO closings as a percentage of existing home closings dropped to 6.4% from 8.7% a year earlier.

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