In September, there was a decline year-over-year in new home closings in the Tyler, TX market, but the decline was less than the year-over-year decline in August. New home closings moved from 10 a year earlier to 4 after the figure moved from 9 in August 2014 to 3 in August 2015.
A total of 123 new homes were sold during the 12 months that ended in September, down from 129 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 1.2% from 2.9% a year earlier. Following a year-over-year rise in August, closings of new and existing homes slid year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $422,019, an increase from $242,754 a year earlier. This came after a 4.6% gain in August year-over-year.
Average mortgage size on new homes increased to $346,138 from $203,243 last year. Average mortgage size on new homes went from $176,423 in August 2014 to $172,167 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes fell from 2,135 square feet a year earlier to 1,587 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 7.6% of closings, below 8.7% a year earlier. The percentage of existing home closings involving foreclosures went from 3.3% in September 2014 to 3.2% in September 2015 and REO closings moved from 5.4% of existing home closings in September 2014 to 4.4% in September 2015.