In the Sherman, TX market in July, new home closings increased year-over-year,. Closings stood at 16 in July after being 11 a year earlier and remaining unchanged at 20 in June from a year earlier.
A total of 162 new homes were sold during the 12 months that ended in July, up from 157 for the year that ended in June.
New home closings were 16 out of 270 total closings, making up 5.9%. This is up on a percentage basis from 11 of 301 a year earlier. Following a year-over-year increase in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $210,047, compared with $229,988 last year. This was on the heels of a 15.4% hike in June year-over-year.
Average mortgage size on new homes fell from $198,914 to $186,476. Average mortgage size jumped 15.8% in June 2016 from a year earlier.
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 2016.
The average unit size of newly sold homes rose from 1,752 square feet a year earlier to 2,039 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 13.8% of existing home closings, down from 14.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.5% in July from 5.9% a year earlier while REO closings as a percentage of existing home closings slid to 6.3% from 8.3% a year earlier.