Closings of new homes fell year-over-year in July in the Odessa, TX market, but the decline was less than the year-over-year decline in June. New home closings moved from 15 a year earlier to 1 after the figure moved from 20 in June 2014 to 1 in June 2015.
A total of 75 new homes were sold during the 12 months that ended in July, down from 89 for the year that ended in June.
Last year, 15 of 229 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 177 total closings. For new and existing homes, closings sank in July after also declining in June year-over-year.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 9.1% of existing home closings, down from 14.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.5% in July from 8.9% a year earlier and REO closings moved from 5.1% of existing home closings in July 2014 to 4.5% in July 2015.