There was an increase in new home closings in the Odessa, TX market in March year-over-year, but the increase was less than February 2016. New home closings moved from 12 a year earlier to 35 after the figure moved from 6 in February 2015 to 30 in February 2016.
A total of 251 new homes were sold during the 12 months that ended in March, up from 228 for the year that ended in February.
New home closings were 35 out of 208 total closings, making up 16.8%. This is up on a percentage basis from 12 of 185 a year earlier. Closings of new and existing homes climbed year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $222,518, down from $238,413 a year earlier. This came after a 2.9% fall in February from a year earlier.
The average mortgage size moved to $206,971, down from last year's $213,767. Average mortgage size on new homes went from $230,385 in February 2015 to $233,474 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 23.1% of existing home closings, up from 16.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.3% in March from 6.4% a year earlier and REO closings moved from 10.4% of existing home closings in March 2015 to 9.8% in March 2016.