The Sherman, TX market saw no change in new home closings year-over-year in June, staying flat after advancing year-over-year in May from the year earlier. Closings remained level at 20 from a year earlier after the figure moved from 7 in May 2015 to 17 in May 2016.
A total of 157 new homes were sold during the 12 months that ended in June, equal to the number of new homes sold for the year that ended in May.
Out of all housing closings, new home closings accounted for 6.0%. A year earlier, new home closings accounted for 6.3% of total closings. Following a year-over-year increase in May, closings of new and existing homes also rose year-over-year in June.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 15.4% boost year-over-year in June to $228,291 per unit. This surge compares to a 17.6% fall in May from a year earlier.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. The average mortgage size rose to $202,501 in June, marking a 15.8% bump compared with a year earlier. Average mortgage size on new homes went from $202,353 in May 2015 to $177,802 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 10.9% of existing home closings, below 15.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.2% in June from 8.0% a year earlier and REO closings moved from 7.0% of existing home closings in June 2015 to 6.7% in June 2016.