In the El Paso, TX market in June, closings of new homes slid year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 156 a year earlier to 7 after the figure moved from 180 in May 2015 to 12 in May 2016.
A total of 608 new homes were sold during the 12 months that ended in June, down from 757 for the year that ended in May.
Last year, 156 of 979 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 289 total closings. Closings of new and existing homes sank year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $144,228, down from last year's $179,612. This followed a 22.1% fall in May from a year earlier.
The average mortgage size went down to $131,431 from $169,657 a year earlier. Average mortgage size on new homes went from $171,321 in May 2015 to $140,172 in May 2016.
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 1,841 square feet a year earlier to 2,045 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 24.1% of existing home closings, up from 23.2% a year earlier. The percentage of existing home closings involving foreclosures went from 11.4% in June 2015 to 12.1% in June 2016 and REO closings moved from 11.8% of existing home closings in June 2015 to 12.1% in June 2016.