New home closings sank year-over-year in September in the Tyler, TX market, but the decline was less than the year-over-year decline in August. New home closings moved from 10 a year earlier to 4 after the figure moved from 9 in August 2014 to 3 in August 2015.

A total of 123 new homes were sold during the 12 months that ended in September, down from 129 for the year that ended in August.

New home closings represented 4 out of the 320 total closings, which is a smaller percentage than the 10 of 345 total closings a year earlier. Following a year-over-year rise in August, closings of new and existing homes sank year-over-year in September.

Pricing and Mortgage Trends

The average price of new homes was $422,019, an increase from $242,754 a year earlier. This came after a 4.6% surge in August year-over-year.

From the year-ago figure of $203,243, the average mortgage size on new homes moved up to $346,138. Average mortgage size on new homes went from $176,423 in August 2014 to $172,167 in August 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 September 2015.

The average unit size of newly sold homes fell from 2,135 square feet a year earlier to 1,587 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 7.6% of closings, below 8.7% a year earlier. The percentage of existing home closings involving foreclosures went from 3.3% in September 2014 to 3.2% in September 2015 and REO closings moved from 5.4% of existing home closings in September 2014 to 4.4% in September 2015.

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