In the Waco, TX market in August, closings of new homes gained year-over-year, moving up after a drop in July 2015. Closings rose 31.8% from a year earlier to 29. This came after a 6.1% fall year-over-year in July.
A total of 317 new homes were sold during the 12 months that ended in August, up from 310 for the year that ended in July.
New home closings accounted for 7.0% of overall housing closings. This marks a rise from 5.1% of total closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 3.8% in August to $195,743 per unit. This gain is an improvement over the 1.8% lift in July year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 5.0% gain year-over-year to $179,443 in August. Average mortgage size grew 5.3% in July 2015 from a year earlier.
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. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
There was a 14.0% surge year-over-year in the average unit size of newly sold homes to 2,140 square feet in August 2015. The average size of newly sold homes moved from 1,975 square feet in July 2014 to 1,978 square feet in July 2015.
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 represented 15.2% of existing home closings, down from 18.1% a year earlier. The percentage of existing home closings involving foreclosures went from 7.6% in August 2014 to 7.0% in August 2015 and REO closings as a percentage of existing home closings fell to 8.3% from 10.5% a year earlier.