In the El Paso, TX market in June, closings of new homes sank year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 156 a year earlier to 7 after the figure moved from 180 in May 2015 to 12 in May 2016.
A total of 608 new homes were sold during the 12 months that ended in June, down from 757 for the year that ended in May.
New home closings represented 7 out of the 289 total closings, which is a smaller percentage than the 156 of 979 total closings a year earlier. Closings of new and existing homes declined year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $144,228, down from last year's $179,612. This came after a 22.1% drop in May from a year earlier.
The average mortgage size moved to $131,431, down from last year's $169,657. Average mortgage size on new homes went from $171,321 in May 2015 to $140,172 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,841 square feet a year earlier to 2,045 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 24.1% of existing home closings, up from 23.2% a year earlier. The percentage of existing home closings involving foreclosures went from 11.4% in June 2015 to 12.1% in June 2016 and REO closings moved from 11.8% of existing home closings in June 2015 to 12.1% in June 2016.