In the El Paso, TX market in September, closings of new homes fell year-over-year, and the decline was by a larger percentage than the August 2015. New home closings moved from 36 a year earlier to none after the figure moved from 56 in August 2014 to 11 in August 2015.
New home closings represented none out of the 75 total closings, which is a smaller percentage than the 36 of 656 total closings a year earlier. For new and existing homes, closings dropped in September after also declining in August year-over-year.
Other Market Trends
There were no new home closings in September 2015, but average size of newly sold homes was 1,805 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 16.0% of existing home closings, down from 22.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.0% in September from 9.7% a year earlier while REO closings as a percentage of existing home closings sank to 8.0% from 12.6% a year earlier.