Closings of new homes in the El Paso, TX market declined year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 55 a year earlier to 2 after the figure moved from 69 in July 2014 to 31 in July 2015.
A total of 327 new homes were sold during the 12 months that ended in August, down from 380 for the year that ended in July.
New home closings represented 2 out of the 155 total closings, which is a smaller percentage than the 55 of 802 total closings a year earlier. Following a year-over-year decline in July, closings of new and existing homes also declined year-over-year in August.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $197,388 from $190,234 a year ago. This was on the heels of a 24.7% lift in July year-over-year.
Average mortgage size on new homes rose from $187,779 to $201,417. In July 2015, average mortgage size on newly sold homes saw a 19.5% rise year-over-year 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 1,970 square feet a year earlier to 2,241 square feet.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 28.1% of existing home closings, below 28.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.0% in August from 13.8% a year earlier while REO closings as a percentage of existing home closings dropped to 13.1% from 14.5% a year earlier.