Closings of new homes fell year-over-year in June in the Lubbock, TX market, but the decline was less than the year-over-year decline in May. New home closings moved from 24 a year earlier to 12 after the figure moved from 41 in May 2015 to 15 in May 2016.
A total of 201 new homes were sold during the 12 months that ended in June, down from 213 for the year that ended in May.
New home closings were 12 out of the 1,018 total closings, down on a percentage basis from 24 of 726 a year earlier. After staying stable in May from a year earlier, closings of new and existing homes increased in June.
Pricing and Mortgage Trends
The average price of new homes was $251,397, an increase from $223,848 a year earlier. This came after a 8.4% decline in May from a year earlier.
Average mortgage size on new homes went from $190,438 a year earlier to $211,266. In May 2016, average mortgage size fell 5.5% from a year earlier.
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 1,912 square feet a year earlier to 2,424 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 7.0% of existing home closings, below 10.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.7% in June from 5.4% a year earlier while REO closings as a percentage of existing home closings fell to 3.3% from 4.8% a year earlier.