New home closings in the Midland, TX market sank year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 59 a year earlier to 10 after the figure moved from 51 in July 2014 to 13 in July 2015.
A total of 538 new homes were sold during the 12 months that ended in August, down from 587 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 4.0% from 16.5% a year earlier. Closings of new and existing homes slid year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $316,859, down from last year's $321,020. This was on the heels of a 5.2% hike in July year-over-year.
Average mortgage size on new homes increased to $335,215 from $272,363 last year. Average mortgage size on new homes went from $250,207 in July 2014 to $260,333 in July 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,294 square feet a year earlier to 1,827 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 8.3% of existing home closings, down from 9.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.3% in August from 5.0% a year earlier and REO closings moved from 4.3% of existing home closings in August 2014 to 5.0% in August 2015.