New home closings in the Wichita Falls, TX market were unchanged year-over-year in July, remaining unchanged after minimal movement in June from the year earlier. Closings were unchanged at 3 from a year earlier after remaining steady at 7 in June from the year earlier.

Out of the 281 total closings, 3 were new home closings. This is consistent on a percentage basis with a year earlier. After rising in June from a year earlier, closings of new and existing homes stayed steady in July.

Pricing and Mortgage Trends

The average new home value went from $128,505 last year to $276,783. This was on the heels of a 5.4% hike in June year-over-year.

The average mortgage size on new homes was $245,367, up from $131,128. Average mortgage size on new homes went from $247,035 in June 2014 to $241,312 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 rose from 2,081 square feet a year earlier to 2,394 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 20.1% of existing home closings, below 26.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.4% in July from 15.0% a year earlier while REO closings as a percentage of existing home closings declined to 9.7% from 11.1% a year earlier.

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