Closings of new homes rose year-over-year in July in the Fort Worth, TX market, but with a rise less sharp than June 2015, there were suggestions the market may be stabilizing. Closings gained 8.4% from a year earlier to 1,925. In comparison, new home closings in the same month last year saw a 10.3% climb year-over-year in June.
A total of 20,361 new homes were sold during the 12 months that ended in July, up from 20,212 for the year that ended in June.
Out of all housing closings, new home closings made up 12.6%. A year earlier, new home closings accounted for 12.1% of total closings. Closings of new and existing homes rose year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.9% boost year-over-year in July to $331,171 per unit. This bump is smaller than the 9.2% boost in June year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. It grew 5.3% in July from a year earlier to $285,341. In June 2015, average mortgage size jumped 9.0% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 96.2% of new home closings to 97.1% of closings while attached units have gone from 3.8% of closings to 2.9% of closings.
There was a 2.7% boost year-over-year in the average unit size of newly sold homes to 3,028 square feet in July 2015. An increase was also seen in June 2015 when the average size of new homes sold grew 6.7% to 3,134 square feet. In June, the average size of new homes sold went from 2,937 square feet a year earlier to 3,134 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 11.0% of closings, below 14.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.2% in July from 7.3% a year earlier while REO closings as a percentage of existing home closings slid to 5.8% from 6.9% a year earlier.
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