In July, there was an increase in closings of new homes in the Odessa, TX market year-over-year, and the increase was similar to June 2016. New home closings moved from 8 a year earlier to 15 after the figure moved from 8 in June 2015 to 15 in June 2016.
A total of 290 new homes were sold during the 12 months that ended in July, up from 283 for the year that ended in June.
New home closings were 15 of the 138 total closings, up on a percentage basis from 8 of 210 a year earlier. For new and existing homes, closings fell in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $272,517, compared with $305,546 last year. This was on the heels of a 21.1% bump in June year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $271,249 to $237,553. Average mortgage size on new homes went from $202,116 in June 2015 to $224,155 in June 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 July 2016.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 18.7% of existing home closings, higher than 16.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.8% in July from 9.9% a year earlier while REO closings as a percentage of existing home closings dropped to 4.9% from 6.4% a year earlier.