The Longview, TX market saw no change in new home closings year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at 3 from a year earlier after the figure moved from 6 in June 2014 to 1 in June 2015.
New home closings were 3 out of the 250 total closings, a move on a percentage basis from 3 of 284 a year earlier. Closings of new and existing homes sank year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $153,411, down from last year's $332,573. This came after a 12.8% drop in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $266,058 to $122,689. Average mortgage size on new homes went from $217,255 in June 2014 to $214,000 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 13.0% of existing home closings, up from 12.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.1% in July from 4.6% a year earlier and REO closings moved from 7.5% of existing home closings in July 2014 to 6.9% in July 2015.