In the Fort Worth, TX market in July, closings of new homes dropped year-over-year, moving south after a boost in June 2016. Closings moved to 1,997 in July 2016 from 2,006 a year earlier. This came after a 9.2% jump in June from the year earlier.
A total of 24,622 new homes were sold during the 12 months that ended in July, down from 24,631 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 14.2%. This is a lift from 13.1% of closings a year earlier. Closings of new and existing homes slid year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 5.7% rise year-over-year in July to $350,675 per unit. This hike is an improvement over the 2.3% lift in June year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. Average mortgage size jumped 5.9% to $302,787 in July from a year earlier. In June 2016, average mortgage size increased 3.3% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 96.6% of new home closings to 97.4% of closings while attached units have gone from 3.4% of closings to 2.6% of closings.
The average unit size of newly sold homes declined 1.9% year-over-year to 3,002 square feet in July 2016. The average size of newly sold homes moved from 3,118 square feet in June 2015 to 3,180 square feet in June 2016.
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. Combined, foreclosures plus REO closings represented 9.5% of existing home closings, below 11.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.3% in July from 5.4% a year earlier and REO closings moved from 5.9% of existing home closings in July 2015 to 5.2% in July 2016.