In the Abilene, TX market, new home closings fell year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 15 a year earlier to 6 after the figure moved from 16 in July 2014 to 5 in July 2015.
A total of 149 new homes were sold during the 12 months that ended in August, down from 158 for the year that ended in July.
New home closings were 5.2% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 6 of the 284 total closings. After falling in July from a year earlier, closings of new and existing homes stayed steady in August.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $259,514 from $241,373 a year ago. This was on the heels of a 15.9% decline in July from a year earlier.
Average mortgage size on new homes moved from $213,478 to $215,171. Average mortgage size on new homes went from $275,443 in July 2014 to $232,721 in July 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 August 2015.
The average unit size of newly sold homes rose from 1,889 square feet a year earlier to 2,006 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 9.7% of existing home closings, down from 13.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.0% in August from 7.4% a year earlier and REO closings moved from 5.9% of existing home closings in August 2014 to 5.8% in August 2015.