In the Abilene, TX market, closings of new homes slid year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 13 a year earlier to 2 after the figure moved from 15 in August 2014 to 5 in August 2015.
A total of 144 new homes were sold during the 12 months that ended in September, down from 155 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 0.7% from 5.0% a year earlier. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $271,944, an increase from $210,271 a year earlier. This followed a 10.5% lift in August year-over-year.
Average mortgage size on new homes went from $191,770 a year earlier to $277,495. Average mortgage size on new homes went from $213,478 in August 2014 to $222,839 in August 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 September 2015.
The average unit size of newly sold homes rose from 1,965 square feet a year earlier to 2,384 square feet.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 14.3% of existing home closings, higher than 13.7% a year earlier. The percentage of existing home closings involving foreclosures went from 7.6% in September 2014 to 6.8% in September 2015 and REO closings as a percentage of existing home closings increased to 7.5% from 6.0%.