In July, the College Station, TX market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the June 2015. New home closings moved from 77 a year earlier to 10 after the figure moved from 60 in June 2014 to 25 in June 2015.
A total of 429 new homes were sold during the 12 months that ended in July, down from 496 for the year that ended in June.
Last year, 77 of 500 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 185 total closings. Closings of new and existing homes sank year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $287,301 from last year's $238,632. This was on the heels of a 33.3% rise in June year-over-year.
The average mortgage size on new homes was $250,984, up from $198,338. In June 2015, average mortgage size rose 27.7% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,899 square feet a year earlier to 2,202 square feet.
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. Foreclosures and REO closings, taken together, made up 4.0% of existing closings, lower than 5.9% a year earlier. The percentage of existing home closings involving foreclosures went from 2.1% in July 2014 to 1.7% in July 2015 and REO closings as a percentage of existing home closings slid to 2.3% from 3.8% a year earlier.