New home closings in the Odessa, TX market grew year-over-year in January, shifting up after a decline in December 2015. New home closings saw a 82.4% climb from a year earlier to 31. This came after a 6.1% fall year-over-year in December.

A total of 202 new homes were sold during the 12 months that ended in January, up from 188 for the year that ended in December.

New home closings made up 20.1% of overall housing closings. This is better than the 11.7% of closings a year earlier. Closings of new and existing homes gained year-over-year in January following a fall in December year-over-year.

Pricing and Mortgage Trends

The average per-unit price of newly sold homes rose year-over-year to $234,977 in January, up 9.8% from last year. This boost is higher than the 3.5% bump in December year-over-year.

The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2016, there was a 12.1% hike in the average mortgage size, reaching $218,921. Average mortgage size increased 6.4% in December 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 January 2016. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.

Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 27.6% of existing home closings, up from 15.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.3% in January from 10.2% a year earlier while REO closings as a percentage of existing home closings gained to 7.3% from 5.5%.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Odessa, TX area.