In the El Paso, TX market, new home closings declined year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 174 a year earlier to 29 after the figure moved from 138 in January 2015 to 10 in January 2016.
A total of 1,267 new homes were sold during the 12 months that ended in February, down from 1,412 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 4.8%. This is a fall 23.9% of closings a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes gained 21.3% year-over-year to $236,309 per unit. This surge compares to a 12.2% drop in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. It jumped to $209,240 in February, a 16.3% hike. Average mortgage size on new homes went from $171,655 in January 2015 to $152,500 in January 2016.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes jumped from 97.7% in February 2015 to all of closings in February 2016. At the same time, the share of new home closings belonging to attached units declined to no part of closings from 2.3% of closings.
The average unit size of newly sold homes sank 8.3% year-over-year to 1,832 square feet in February 2016. The average size of newly sold homes moved from 1,817 square feet in January 2015 to 1,744 square feet in January 2016.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 25.2% of closings, below 30.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.2% in February from 13.6% a year earlier while REO closings as a percentage of existing home closings dropped to 14.9% from 17.0% a year earlier.