In September, the Odessa, TX market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in August. New home closings moved from 17 a year earlier to 14 after the figure moved from 32 in August 2014 to 13 in August 2015.
A total of 200 new homes were sold during the 12 months that ended in September, down from 203 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 7.9% from 10.4% a year earlier. Closings of new and existing homes gained year-over-year in September following a decline in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $217,855, down from last year's $252,730. This followed a 1.1% drop in August from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $224,069 to $203,438. It went from $205,676 to $204,723 from August 2014 to August 2015.
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 2,012 square feet a year earlier to 2,076 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 11.0% of existing home closings, down from 15.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.4% in September from 8.2% a year earlier while REO closings as a percentage of existing home closings sank to 0.6% from 7.5% a year earlier.